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Barclays - Woolwich

Are you in need of a Transfer of Equity with a Barclays Bank as The Woolwich mortgage? Failing to check that a lawyer is on the Barclays Bank as The Woolwich list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Barclays plc transfer of equity example support desk enquires

  • Last year bought a house without my wife's name on the deeds. My lawyer claimed it is because she is not in the mortgage with Barclays plc. I'm wondering is there any way that I can put her name on the deeds?
  • My wife and I jointly own a BTL. I am a higher rate tax payer. Ideally I wish to complete a transfer of equity to her sole name with a view to reduce our tax on the letting income. If Barclays plc are content with this the legal fees are not high. What are the implications when we sell? Would my GGT relief be lost.
  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with Barclays plc?
  • 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 acquired a flat with my brother in 2009 Since purchasing the property, we have both got married. We are now looking to do a transfer of equity so my name is taken off the Barclays plc mortgage. There is a meaningful difference between the value the lender say and what the property would sell for currently. Can you offer any advice?
  • Been reviewing online blogs 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 refinancing with Barclays plc
  • Have recently separated from my wife of 18 years. I'm now back with my mum and dad and she wants to remain in the flat and buy me out. What percentage do I get. Is it 50% of the equity after discharging the mortgage with Barclays plc? I assume proper valuations are necessary but I would like to be sure that I'm getting the best deal

Questions that your conveyancing solicitor may ask about your Barclays plc Transfer of Equity

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

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?

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)

Can you provide the details of those who jointly own the premises with you?

Please provide the details of anyone to be extracted from the title deeds?

Is it the case that one of the registered proprietors passed away? If so please supply us with a copy of the Death Certificate, Probate and a copy of the Will.

Important warnings to consider in conjunction with 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 titles

Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. 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 as a result of 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 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 market value 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 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 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