Examples of recent questions relating to Banks and Clients transfer of equity

• I recently purchased a property without my wife's name on the deeds. My conveyancer claimed it is because she was not in the mortgage with Banks and Clients. Is it possible for me to add her name on the title?
• My friend and I got a joint mortgage with Banks and Clients on a flat about a year ago. I am now thinking of buying a property on my own and my friend would like to buy me out. On the basis that we can settle on a figure what happens next? Would there be any potential problem with Banks and Clients with him being on the hook for the total mortgage as opposed to only part of it?
• Will I have to pay any fees for a Transfer of Equity where the current home loan is with Banks and Clients?
• I already have a home loan with Banks and Clients and am maintaining my existing mortgaging but seeking to have it in my name alone so my former husband will no longer be on the mortgage. How long does the whole transfer of equity process take?
• How and when do I cover the costs of the Stamp Duty Land Tax due for the transfer of equity in my property in my name alone which is taking place at the same time as a switching mortgage with Banks and Clients?
• Banks and Clients have today agreed I can take over the home loan on the flat. I had applied for a transfer of equity but presumably there is a transfer of ownership of the house on top?
• I am disposing of my equity in house in Warwick to my co-owners husband, they are reapplying to Banks and Clients. We are haggling as to who must cover the costs of the transfer of equity. Should this be split or is one party liable for the costs of?

Examples of questions in a conveyancer form relating to Banks and Clients Transfer of Equity

General Advice to read in in addition to the above Banks and Clients transfer of equity information :

Tax and Legal

There are numerous potential 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, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such terms are not adhered to 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 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 varies based on the valuation of the property at the conclusion of the transfer of equity conveyancing.

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 conveyancer 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.