Barclays plc transfer of equity example support desk enquires
- Having been 3 years separated I have made the decision to relinquish up my share of our property to my husband who is re-mortgaging with Barclays plc. Can a transfer of equity be done in 28 days?
- When it comes to transfer of equity conveyancing involving a remortgage with Barclays plc should I be invoiced VAT on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
- At what point do I incur stamp duty chargeable for the transfer of equity in my property in my name alone which is taking place at the same time as a remortgage via Barclays plc?
- My friend and I got a joint mortgage with Barclays plc on a property a couple of years ago. I am now looking to get a apartment by myself and my friend would like to buy me out. On the basis that we can settle on an amount where do we go? Would there be any potential issue with Barclays plc with him being on the hook for the total loan rather than only half of it?
- My Barclays plc mortgage is in joint names with ex, who has agreed to come off the deeds and let me have the property. Barclays plc will permit the transfer of equity to me solely. Will Barclays plc write my company to confirm my salary?
- My ex are looking to get a conveyancing solicitor in place for a remortgage with Barclays plc. Transfer of Equity conveyancing is also requiredI have used the different rating based services and the results are from all over England and Wales. Do we need to appoint a conveyancing solicitor local to us?
- I recently bought a flat without my fiance’s name on the ownership paperwork. My conveyancer advised it is due to the fact that she was not in the loan offer with Barclays plc. Is it possible for me to put her name on the deeds?
Information that may be required from your conveyancer may ask in relation to your Barclays plc Transfer of Equity
Is the transfer of equity subject to a court order? If yes please supply a copy
Please give the name(s) and addresse(s) of anyone who jointly owns the property with you?
Please let us know where you are providing any payment for the Transfer of Equity and to whom and notify us any such sums?
Please provide a copy of your National Insurance Number?
Has consent been obtained from Barclays plc to the proposed transfer of equity?
If are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?
General Advice to read in supporting the above Barclays plc transfer of equity Questions and Answers :
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 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 terms are not adhered to you may be in breach of the lease. This could potentially result in the freeholder taking enforcement action against you.
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 conveyancer 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 market value 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 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 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.