Recently asked questions relating to Barclays plc transfer of equity
- Been looking at consumer forums that solicitors are more expensive than licensed conveyancers when it comes to transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor where I am transferring equity and at the same time remortgaging with Barclays plc
- My former husband are seeking to get a conveyancing solicitor in place for a new mortgage with Barclays plc. Transfer of Equity conveyancing is also necessaryI have used the different rating based services and the results are from all over UK. How necessary is it to instruct a lawyer local to us?
- I already have a home loan with Barclays plc and am keeping my existing mortgaging but wish to have have the equity transferred to my sole name so my former wife will no longer be on the title. How long can it take for the application to be processed?
- My mortgage broker has suggested using their conveyancer for the Transfer of Equity plus remortgage with Barclays plc - won’t it be easier to just instruct them?
- What if my application doesn't meet Barclays plc lending criteria for a transfer of equity?
- I am disposing of my share of a flat in Birmingham to my co-owners husband, they are reapplying to Barclays plc. We are debating as to who should pay the costs of the transfer of equity. Is this usually split or is one of us liable for the costs of?
- I got divorced in 2012. For some reason I never dealt with the change the ownership from both our names to my name alone. I now plan to deal with it and there are no objections. Transfer-of-equity is needed. Barclays plc is willing to transfer the property and loan in my name (financial checks done). Does she need any legal representation?
Examples of information requested in a conveyancer questionnaire concerning a Barclays plc Transfer of Equity
Is the transfer of equity subject to a court order? If yes please supply a copy
Is there to be any consideration monies passing between the parties for the Transfer of Equity? If so, please state the amount and who is to receive the same
Has one of the registered proprietors passed away? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..
Please provide a copy of your National Insurance Number?
Please give the details of anyone to be extracted from the title deeds?
Please provide the details of anyone who jointly owns the property with you?
Information to consider in supplemental the above Barclays plc transfer of equity Questions and Answers :
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 Barclays plc conveyancing panel and accountant before transferring equity.
Transfer of Equity Conveyancing for Leasehold premises
If your property is 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 your covenants under the lease. This could trigger the freeholder taking enforcement action against you.
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 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 is dependent on the valuation of the property at finalisation of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with Barclays plc your property may be repossessed.
Preparing the Transfer of Equity with a Barclays plc 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 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 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.