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Barclays - Woolwich

Examples of recent questions relating to Barclays plc transfer of equity

  • I am in the process of removing a name from a joint mortgage and the Barclays plc require me to use a conveyancer to carry out the legalities. Can you recommend a reasonably priced Rye lawyer to deal with the transfer of equity? They need to be on the Barclays plc conveyancing panel.
  • My current mortgage is with Barclays plc. Can I transfer equity to someone under 18 years old?
  • I already have a home loan with Barclays plc and am keeping my current mortgaging but seeking to have it in my name only so my ex won't be on it any longer. How long do Barclays plc take to deal with the application?
  • My Barclays plc mortgage we jointly entered into with ex, who is agreeable to come off the mortgage and put the house in my name alone. Barclays plc have consented to the transfer of equity to my individual name. Do Barclays plc contact my boss to check my salary?
  • Me and a friend got a joint mortgage with Barclays plc on a apartment in 2013. I am now thinking of buying a house by myself and my friend would like to buy me out. On the basis that we can settle on a price what happens next? Would there be any potential issue with Barclays plc with him being responsible for the total mortgage as opposed to only half of it?
  • My partner and I jointly own a flat in Timperley . Home loan is with Barclays plc. I want to transfer full ownership to him with no passing of money but without using a conveyancer. Do you think this should be straightforward?
  • Law month I split up with my wife of twenty years. I'm now living with my parents again and she wishes to stay in the flat and pay me off. What portion am I entitled to. Is it half of the equity after paying off the mortgage with Barclays plc? I assume proper valuations are required but I really need ensure that I'm getting the best deal

Information that may be required from your conveyancer could ask regarding your Barclays plc Transfer of Equity

Where you are adding a person on to the property how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

We need you to provide the National Insurance Number(s) of all the new owners (required for completion of the Stamp Duty Land Tax Form)

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?

Please let us know if you are providing any payment for the Transfer of Equity and to whom and give details of the amount?

Has consent been obtained from Barclays plc to the proposed transfer of equity?

General Advice to read 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 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 landlord. If such terms are not adhered to you may be in violation of the lease. This could trigger 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 situations, 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 the time of completion of the transfer of equity transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with Barclays plc.

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 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.


Frequently asked questions relating to Barclays - Woolwich transfer of equity