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Banks and Clients transfer of equity: q and a’s

  • After four years separated I have decided to give up my share of our flat to my husband who is refinancing with Banks and Clients. Can a transfer of equity be completed in 28 days?
  • Am I best advised stop my mortgage payments with Banks and Clients once a date for my remortgage and transfer of equity has been agreed?
  • My wife and I have 50:50 shares in a BTL. I am a top rate tax payer. Preferably I would like to complete a transfer of equity to her sole name with a view to reduce our tax on rental income. Assuming Banks and Clients are happy with this the legal fees are inexpensive. What are the implications when we sell? Would my GGT relief be lost.
  • What is the process for having a person removed from the title documents to a property if the home loan is with Banks and Clients
  • Is there such a thing a transfer of equity stamp duty calculator?
  • My ex are seeking to get a conveyancing solicitor in place for a refinance with Banks and Clients. Transfer of Equity conveyancing is also requiredI have used the different comparison based tools and the results are from all over the country. Do we need to instruct a lawyer local to us?
  • What are the average solicitors charges are for a transfer of equity? I'm in the process of remortgaging - moving over to Banks and Clients - and have been quoted Three Hundred pounds including VAT by Banks and Clients's appointed conveyancing solicitor, Is this a reasonable price?

Sample of questions in a lawyer form relating to Banks and Clients Transfer of Equity

Have you approached Banks and Clients to obtain consent to the Transfer of Equity

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

Please provide the details of anyone to be extracted from the title deeds?

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

Is it the case that one of the registered owners died? If so please forward us with a copy of the Death Certificate, Probate and a copy of the Will.

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

Information to consider in conjunction with 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 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 have a license to do so from the landlord. If such conditions are not strictly observed you may be in violation 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 as a result of 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 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 varies based on the valuation of the property at the conclusion 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