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Top seven questions relating to Banks and Clients transfer of equity

  • I already have a home loan with Banks and Clients and am retaining my current mortgaging but applying to have have the equity transferred to my sole name so my ex won't be on it any longer. How long does the whole transfer of equity process take?
  • My dad passed away last May leaving a unencumbered house to me and my brother in equal shared. He has always lived in the premises, there was a condition in the will saying the premisescould not be sold for three years following her death so he could continue to live there for a prescribed period. He now wants to remain in the house beyond the specified period. We have discussed a transfer of equity. Am I right in saying we should get a valuation then he'd get a mortgage in the conventional way to buy my equity?
  • Law month I separated from my ex of thirty years. I'm now back with my parents again and she wishes to stay in the flat and buy me out. What percentage am I entitled to. Is it half of the equity after redeeming the mortgage with Banks and Clients? I assume proper valuations are necessary but I would like to be confident that I'm getting what I am entitled to
  • After three years separated I have decided to transfer my share of the property to my husband who is refinancing with Banks and Clients. Could this transfer of equity be completed in less than four weeks?
  • Me and my partner jointly own a flat in Sedgefield . Home loan is with Banks and Clients. I would like to transfer full ownership to him with no exchange of money but without using a conveyancing solicitor. Do you think this should be straightforward?
  • I am in the process of refinancing my property in Wakefield does my lawyer need to be on the Banks and Clients Conveyancing panel. The conveyancing also involves a transfer of equity.
  • My ex-partner and I are are looking to find an affordable conveyancing lawyer to help me sell in a transfer of equity and remortgage with Banks and Clients. I I am fearful of appointing the wrong one and there's many conveyancing practices who do transfer of equity conveyancing to choose from...who's the best?

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

Has one of the registered proprietors died? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..

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

Is there to be any payment between the parties for the Transfer of Equity? If so, please state the amount and who is to receive what figure

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

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

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

Important warnings to consider in further to the above Banks and Clients transfer of equity Advice :

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 premises

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 freeholder. If such terms are not adhered to you may be in breach of the lease. This could potentially result in 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 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 conveyancer 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 time of completion of the transfer of equity transaction.
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 conveyancing solicitor 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 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