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Questions and answers: Banks and Clients transfer of equity

  • After 4 years apart I have opted to transfer my interest in the property to my husband who is refinancing with Banks and Clients. Can a transfer of equity be completed in four weeks?
  • My Banks and Clients home loan is in joint names with ex, he has agreed to come off the mortgage and put the house in my name alone. Banks and Clients will permit the transfer of equity to my individual name. Will Banks and Clients get in touch with my boss to confirm my salary?
  • I got my Decree Absolute in 2012. For some reason I never dealt with the transfer ownership from the current 'joint' status to my name alone. I am ready to do that and so is she. Transfer-of-equity is needed. Banks and Clients is willing to transfer the full equity in my name (financial checks done). Does my ex need a solicitor?
  • Three years ago I bought a property without my fiance’s name on the ownership paperwork. My conveyancer said it is because she was not in the loan offer with Banks and Clients. I'm wondering is there any way that I can put her name on the deeds?
  • Me and my partner co-own a flat in Witham . Home loan is with Banks and Clients. I would like to transfer full ownership to him with no passing of money but without using a conveyancer. Do you think this should be straightforward?
  • I am answering a Banks and Clients transfer of equity application and have arrived at the section regarding defaults etc. There are some debts that I have been reducing over a long period, in fact they no longer remain my credit rating. Do I need to set these out?
  • I am under the impression we would need at least AP1 and TR1. Is this true?

Questions that your conveyancing solicitor could ask regarding your Banks and Clients Transfer of Equity

Would you like us to draw up a Declaration of Trust. If so are you willing to incur the further fee (beyond the Transfer of Equity fee)?

Please provide the details of anyone to be added to the title deeds?

We need you to provide the National Insurance Number(s) of all the new owners (required for submission of the SDLT Form)

Who will be responsible for the costs of the Transfer of Equity?

Is it the case that one of the registered proprietors passed away? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..

Please list all persons who occupy the property, their respective ages and relationships to you.

Important warnings to consider in in addition to the above Banks and Clients transfer of equity Info :

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 properties

Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such conditions are not complied with you may be in violation of the lease. This could trigger the freeholder taking enforcement action against you.

Indemnity Insurance

If the transfer of equity is made pursuant to an Order of the Court, then Insolvency Indemnity Insurance is not required. In other cases, 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 conveyancing solicitor 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 valuation of the property at finalisation of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with Banks and Clients your property may be repossessed.

Preparing the Transfer of Equity with a Banks and Clients Mortgage

When it comes to preparing the the Land Registry documents your conveyancer 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 conveyancer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Content on this webpage is for general information and only applies to England and Wales. It should not be regarded as 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