Recently asked questions relating to Barclays plc transfer of equity

• I intend to remortgage my home in Littleborough switching from Natwest to Barclays plc. The apartment is currently in joint names but I would like it to be in my sole name once I remortgage. My wife is OK with this and is happy to sign a form but neither of us want to incur lawyer fees.
• Will I incur any charges for a Transfer of Equity where the existing mortgage is with Barclays plc?
• My former husband are planning to get a lawyer lined up for a remortgage with Barclays plc. Transfer of Equity conveyancing is also neededI have used the different rating based websites and the results are from all over the country. How necessary is it to instruct a conveyancing solicitor local to us?
• What is the process for adding or removing names (transfer of equity) to or from my Barclays plc mortgage account?
• Do I need legal representation when doing a transfer of equity where the home loan is to remain with Barclays plc?
• My dad passed away last March leaving a mortgage-free semi to me and my half brother 50:50. Having continues to reside at the property, there was a provision in her will saying the propertycould not be sold for 24 months following her passing so he could reside there for a while. He now wants to remain in the house beyond the specified period. We have considered a transfer of equity. Would I be right in thinking that we should get a valuation then he'd get a mortgage in the conventional way to buy my half from me?
• What should I be budgeting for when it comes to what solicitors fees are for a transfer of equity? I'm in the process of remortgaging - moving over to Barclays plc - and have been quoted £250 plus VAT by Barclays plc's approved conveyancing solicitor, Is this is a good price or not?

Sample of questions in a lawyer questionnaire relating to Barclays plc Transfer of Equity

General Advice to read in supplemental the above Barclays plc 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 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 obtain the consent of the freeholder. If such conditions are not complied with you may be in breach of the lease. This could potentially result in 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 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 is dependent on the valuation of the property at finalisation 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 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 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.