Recently asked questions relating to Barclays plc transfer of equity

• Online reading suggests that solicitors are more expensive than licensed conveyancers for transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor where I need to be transferring equity and simultaneously remortgaging with Barclays plc
• I jointly own a house in Littleborough , with a Barclays plc loan with my ex husband. He and his new partner are going to acquire my share. We had consent from Barclays plc to replace my name with hers. The transfer of equity has to be completed by a conveyancer for Barclays plc (apparently). Can we do the Land Registry change?
• My fiance and myself jointly own a investment property. I am a top rate tax payer. Ideally I would like to do a transfer of equity to her sole name in order mitigate tax on rental income. If Barclays plc are fine with this the legal fees are inexpensive. What are the implications when we sell? Would my GGT relief be lost.
• Me and my former partner and I are searching for an affordable conveyancing solicitor to assist in a transfer of equity and refinance with Barclays plc. I I am concerned about by bill escalating out of control and there's plenty conveyancing organisations who do transfer of equity conveyancing to pick from...who do I opt for?
• Have recently split up with my ex of thirty years. I'm now back with my parents again and she wishes to remain in the flat and buy me out. What portion am I entitled to. Is it half of the equity after discharging the mortgage with Barclays plc? I assume proper valuations are necessary but I really need ensure that I'm getting I am not being taken advantage of
• Is it sensible to cancel my mortgage payments with Barclays plc once a date for my remortgage and transfer of equity has been agreed?
• I already have a mortgage with Barclays plc and am keeping my existing mortgaging but applying to have have the equity transferred to my name alone so my ex won't be on it any longer. How long do Barclays plc take to process the application?

Questions that your lawyer could ask regarding your Barclays plc Transfer of Equity

Important warnings to consider in conjunction with 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 titles

If your property is leasehold, the lease may require 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 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 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 varies based on the valuation of the property at the time of completion of the transfer of equity conveyancing.

Preparing the Transfer of Equity with a Barclays plc 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 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 lawyer 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.