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Sample questions relating to Banks and Clients transfer of equity

  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with Banks and Clients?
  • I am completing a Banks and Clients transfer of equity form and have arrived at the section concerning defaults etc. I do some debts that I have been reducing for a number of years, I understand that they have long since disappeared from my credit records. Am I obliged to disclose these?
  • I co-own a flat in Wakefield , with a Banks and Clients mortgage with my former partner. He and his fiance are going to acquire my share. We had approval from Banks and Clients to substitute my name with hers. The transfer of equity needs to be done by a conveyancing solicitor for Banks and Clients (apparently). In order to save fees can I do the Land Registry formalities?
  • My divorce is through as is the consent order. Now I need to deal with the transfer of equity at the HMLR and the Banks and Clients mortgage. I have contacted Banks and Clients for the transfer of equity forms. What do I do now?
  • Can you tell me how to have someone removed from the title documents to a property if the home loan is with Banks and Clients
  • I am thinking of refinancing my flat in Romsey does my lawyer have to be on the Banks and Clients Solicitor panel. The conveyancing also involves a transfer of equity.
  • My ex are looking to get a conveyancer lined up for a refinance with Banks and Clients. Transfer of Equity conveyancing is also necessaryI have used the different comparison based tools and the results are from all over the country. How necessary is it to instruct a conveyancer local to us?

Information that may be required from your conveyancer is likely to ask regarding your Banks and Clients Transfer of Equity

Has consent been obtained from Banks and Clients to the proposed transfer of equity?

Please provide a copy of your National Insurance Number?

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?

Please let us know of you wish us to prepare Declaration of Trust. If so are you willing to pay for the additional fee (beyond the Transfer of Equity fee)?

If are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Please provide the name(s) and addresse(s) of anyone to be removed from the title deeds?

Information to consider in supporting the above Banks and Clients transfer of equity information :

Tax and Legal

There may be various tax and legal implications when transferring equity for your property. You should always seek the advice of a solicitor on the Banks and Clients conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

Should the tenure of your property be leasehold, the lease may require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in breach of your covenants under the lease. This could trigger the freeholder taking enforcement action against you.

Indemnity Insurance

If the transfer of equity is made as a result of an Order of the Court, then Insolvency Indemnity Insurance is not required. In other situations, where a property is being transferred at less than market value between joint owners, an Insolvency Act Indemnity Insurance policy may be required. This is something that that your lawyer will check with Banks and Clients This is because, if the outgoing party is made bankrupt in the future, their Trustee in Bankruptcy could argue that they had transferred the property in order to avoid their creditors and apply to the Court to have the transaction set aside. If this happens, it could affect your lender or a future buyer from you as they would lose the property and the lender may not get back what they have loaned to you. The Insolvency Act Indemnity Insurance policy only protects lenders such as Banks and Clients or future buyers from you. If there is no mortgage and the outgoing owner is made bankrupt, there is a risk to you that you could lose your home if the transfer is set aside. The cost of the Insolvency Act Indemnity Insurance policy is dependent on the market value of the property at the conclusion of the transfer of equity transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with Banks and Clients.

Preparing the Transfer of Equity with a Banks and Clients Mortgage

When it comes to preparing the the Land Registry documents your conveyancing solicitor should in the ‘consideration’ panel choose the first option, if consideration is given; otherwise ignore the consideration panel altogether.

If Banks and Clients is joining in the transfer to release someone from liability, put the release in the ‘additional provisions’ panel if someone is entering into a covenant relating to the charge, place it in the ‘additional provisions’ panel stamp duty land tax is not payable when there is no chargeable consideration for the transfer (Schedule 3, paragraph 1 of the Finance Act 2003). In the case of a transfer subject to a charge (even if the transfer is by way of gift) or if a property has been transferred for no value and there is an associated discharge, HMRC would view this as an assumption of an existing debt by the purchaser (Schedule 4, paragraph 8 of the Finance Act 2003) and stamp duty land tax may be payable if you wish you may state in the ‘additional provisions’ panel that ‘This transfer is made subject to a charge dated… in favour of…’

On form AP1, your lawyer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Information provided on this webpage is for general information and only applies to England and Wales. It does not constitute advice for members of the public who should contact their lawyer,mortgage broker, insurer and accountant for specific advice relating to transfer of equity. Whilst we endeavour to keep the information up to date and correct we do not make any representation or warranties of any kind about its completeness, accuracy, reliability or suitability. Any reliance you place on the information is strictly at your own risk. Lexsure will not be liable for any direct or indirect loss or damage arising out of or in connection with the use of this information.


Frequently asked questions relating to Banks and Clients transfer of equity