Top seven questions relating to Banks and Clients transfer of equity

• What do I do if I am unhappy with the conveyancing solicitor who did my transfer of equity transaction?
• What are the average solicitors costs are for a transfer of equity? I need to transfer equity and refinance - new loan with Banks and Clients - and have been quoted Three Hundred pounds including VAT by Banks and Clients's appointed lawyer, Is this is a good price or not?
• At what stage do I incur the Stamp Duty Land Tax chargeable for the transfer of equity in my home in my sole name which is taking place at the same time as a switching mortgage via Banks and Clients?
• Can you tell me how to have a person removed from the title documents to a property where the home loan is with Banks and Clients
• I plan to refinance my flat in Romsey switching from Accord to Banks and Clients. The maisonette is jointly owned but I would like it to be in my sole name as and when I remortgage. My wife is OK with this and is happy to sign a form but neither of us want to get a second conveyancer involved.
• I already have a home loan with Banks and Clients and am maintaining my existing mortgaging but seeking to have have the equity transferred to my name only so my ex will come off the title. How long can it take for the application to be processed?
• Two years ago I purchased a apartment without my partner's name on the deeds. My conveyancing solicitor claimed it is because she is not in the loan offer with Banks and Clients. I'm wondering is there any way that I can add her name on the title?

Information that may be required from your conveyancing solicitor is likely to ask in relation to your Banks and Clients Transfer of Equity

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

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 require that you obtain the consent of the landlord. If such conditions are not strictly observed 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 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 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 varies based on the valuation of the property at finalisation of the transfer of equity transaction.

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.

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.