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Barclays - Woolwich

Top seven questions relating to Barclays plc transfer of equity

  • 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 on my own and my friend would like to buy me out. On the basis that we can settle on a price what happens next? Is there likely to be any issue with Barclays plc with him being responsible for the total mortgage rather than only part of it?
  • Am I best advised cancel the direct debit for my mortgage with Barclays plc once a date for my remortgage and transfer of equity has been agreed?
  • My Barclays plc mortgage we jointly entered into with ex, he has agreed to be removed and put the house in my name alone. Barclays plc have consented to the transfer of equity to my individual name. Will Barclays plc call my employer to verify my salary?
  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with Barclays plc?
  • I am trying to find a lawyer to undertake my transfer of equity. Barclays plc have been approached for a remortgage. I considered asking my financial adviser. I am lead to believe he will likely receive a referral fee for recommending a firm, but also of benefit will be that he knows the lawyer, has a working relationship with them. Is my logic correct?
  • How do I go about adding or subtracting names (transfer of equity) to or from my Barclays plc mortgage account?
  • I am in the process of removing a name from a joint mortgage and the Barclays plc require me to use a lawyer to carry out the paperwork. Can you recommend a reasonably priced Heathfield conveyancing solicitor to deal with the transfer of equity? They need to be on the Barclays plc conveyancing panel.

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

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been completed?

If you are adding someone on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

Please give the name(s) and addresse(s) of anyone who jointly owns the premises with you?

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

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

Please inform us if you are making any payment for the Transfer of Equity and to whom and specify the amount?

Important warnings to consider in conjunction with the above Barclays plc transfer of equity Advice :

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, the lease may require 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 trigger 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 varies based 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 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 contained within 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