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Barclays - Woolwich

Barclays plc transfer of equity example support desk enquires

  • I intend to refinance my maisonette in Winchelsea switching from Yorkshire Building Society to Barclays plc. The home is jointly owned but propose for it to be in my name only as and when I transfer. My husband is OK with this and is happy to transfer equity but neither of us want to incur lawyer charges.
  • What is the process for adding or subtracting names (transfer of equity) to or from my Barclays plc mortgage account?
  • What should I be budgeting for when it comes to what solicitors costs 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 conveyancer, Have I been over quoted?
  • I am trying to find a conveyancing solicitor to undertake my transfer of equity. Barclays plc have been approached for a remortgage. I considered asking my mortgage broker. I am lead to believe he may get a referral fee for recommending someone, but also of benefit will be that he knows the conveyancer, has a working relationship with them. Any flaws you see in this way of thinking?
  • I am selling my equity in apartment in Warwick to the other co-owners fiance, they are reapplying to Barclays plc. We are debating as to who should cover the charges for the transfer of equity. Is this usually shared or is one party obliged to cover the costs of?
  • My friend and I got a joint mortgage with Barclays plc on a house in 2013. I am now thinking of purchasing a house by myself and my friend would like to buy me out. Once we have agreed an amount where do we go? Would there be any potential concerns with Barclays plc with him being solely liable for the total mortgage as opposed to only half of it?
  • I am in the process of removing a name from a joint mortgage and the Barclays plc need me to use a conveyancing solicitor to carry out the legalities. Can you recommend a reasonably priced Wakefield lawyer to deal with the transfer of equity? They need to be on the Barclays plc conveyancing panel.

Questions that your conveyancing solicitor could ask in relation to your Barclays plc Transfer of Equity

Has one of the registered owners died? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..

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

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?

Please list all persons who occupy the property, their respective ages and relationships to you.

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 this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

Important warnings 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 titles

If your property is leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such terms are not adhered to 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 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 is dependent on the valuation of the property at finalisation of the transfer of equity transaction.
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 lawyer 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 conveyancer 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.


Frequently asked questions relating to Barclays - Woolwich transfer of equity