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Are you in need of a Transfer of Equity with a Banks and Clients plc mortgage? Failing to check that a lawyer is on the Banks and Clients plc list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Banks and Clients transfer of equity example support desk enquires

  • I am completing a Banks and Clients transfer of equity request and have arrived at the section concerning defaults etc. I do some debts that I have been reducing over a long period, in fact they no longer remain my credit score. Do I need to declare these?
  • I am transferring my share of a apartment in Warwick to my co-owners husband, they are reapplying to Banks and Clients. We are debating as to who should cover the charges for the transfer of equity. Is this normally split or is one party liable for the costs of?
  • How much the typical legal fees are for a transfer of equity? I need to transfer equity and refinance - moving over to Banks and Clients - and have been quoted Four Hundred pounds excluding VAT by Banks and Clients's appointed lawyer, Is this a reasonable price?
  • My existing home loan is with Banks and Clients. Can I transfer equity to someone less than eighteen years old?
  • What is the process for adding or removing names (transfer of equity) to or from my Banks and Clients mortgage account?
  • Am I best advised stop my mortgage payments with Banks and Clients as soon as a date for my remortgage and transfer of equity has been agreed?
  • My financial adviser has recommended their lawyer for my Transfer of Equity plus remortgage with Banks and Clients - won’t it be easier to just use them?

Sample of information requested in a conveyancing solicitor form relating to Banks and Clients Transfer of Equity

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

Can you give the details of those who jointly own the property with you?

Please provide a copy of your National Insurance Number?

Would you like us to draft you Declaration of Trust. If so are you willing to pay for the further fee (beyond the Transfer of Equity fee)?

If you are adding a person on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

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

Caveats to be read in conjunction with the above Banks and Clients transfer of equity Advice :

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 premises

Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you have a license to do so from 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 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 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 lawyer 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 contained within 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