Questions and answers: Barclays plc transfer of equity

• In 2012 I bought a apartment without my partner's name on the title. My conveyancer advised it is because she is not in the loan offer with Barclays plc. Is it possible for me to put her name on the documents at HM Land Registry?
• I currently have a joint Barclays plc mortgage with my step-brother and am looking into the option of him assuming responsibility for the whole mortgage and extracting myself from it, so as to enable me to buy a property with my fiance. The outstanding mortgage is approx 300k, and the property value is approx 450k. Is this a transfer of equity? Is land tax due?
• I purchased a house with my brother in 2010 Since then, we have both got married. We are now intending to do a transfer of equity so my name comes off the Barclays plc mortgage. There is a 30k difference between the value the lender say and what the property would sell for currently. Can you offer any advice?
• Is there such a thing a transfer of equity stamp duty calculator?
• I am disposing of my share of a house in Woodside to my co-owners husband, they are sticking with Barclays plc as the the existing lender. We are haggling as to who should cover the costs of the transfer of equity. Is this normally split or is one of us liable for the charges for?
• I am under the impression we would need at least AP1 and Transfer Deed. Is this true?
• My decree absolute is through as is the consent order. Now I must address the transfer of equity for the property and the Barclays plc home loan. I have asked Barclays plc for the transfer of equity application. What do I do now?

Information that may be required from your conveyancer is likely to ask in relation to your Barclays plc Transfer of Equity

General Advice to read in supplemental the above Barclays plc transfer of equity information :

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 Barclays plc conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

If your property is leasehold, provisions in 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 your covenants under the lease. This could potentially result in 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 lawyer will check with Barclays plc 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 Barclays plc 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 Barclays plc 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 Barclays plc 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 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.