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Barclays - Woolwich

Examples of recent questions relating to Barclays plc transfer of equity

  • My existing mortgage is with Barclays plc. Can I transfer equity to someone under 18 years old?
  • I intend to remortgage my maisonette in Winchelsea moving from Skipton to Barclays plc. The home is currently in joint names but propose for it to be in my sole name once I transfer. My husband is OK with this and is willing to transfer equity but neither of us want to incur conveyancing solicitor fees.
  • My dad died half a year ago leaving a unencumbered bungalow to me and my brother in equal shared. Having continues to reside at the premises, there was a condition in the will saying the housecould not be sold for 24 months after her passing so he could reside there for a specified time frame. He now wants to remain in the premises beyond the specified period. We have considered a transfer of equity. Am I right in saying we should get a valuation then he'd get a mortgage in the traditional way to buy my equity?
  • Am I best advised stop the direct debit for my mortgage with Barclays plc once a date for my remortgage and transfer of equity has been set?
  • Law week I split up with my wife of twenty years. I'm now living with my mum and dad and she wants to stay in the property and buy me out. What percentage am I entitled to. Is it half of the equity after discharging the Barclays plc home loan? I assume proper valuations are required but I really need ensure that I'm getting I am not being walked over
  • Me and my former wife and I are in the market for a value for money conveyancing solicitor to assist in a transfer of equity and remortgage with Barclays plc. I really don't want to get ripped off but with various conveyancing solicitors who do transfer of equity conveyancing to pick from...who do I opt for?
  • What if my application doesn't meet Barclays plc lending criteria for a transfer of equity?

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

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

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?

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

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

Who will be responsible for the costs 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 conjunction with the above Barclays plc transfer of equity Info :

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

If your property is leasehold, the lease may require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in breach 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 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 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 lawyer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Content on 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