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Barclays - Woolwich

Top seven questions relating to Barclays plc transfer of equity

  • I am answering a Barclays plc transfer of equity application and have come to the questions regarding debts etc. I do some debts that I have been paying off since 2007, I understand that they no longer remain my credit score. Do I need to disclose these?
  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with Barclays plc?
  • What is the process for adding or subtracting names (transfer of equity) to or from my Barclays plc mortgage account?
  • Barclays plc have just agreed I can take over the mortgage on my home. I previously applied for a transfer of equity but is this a transfer of ownership of the house on top?
  • In 2012 I bought a house without my partner's name on the title. My conveyancing solicitor advised it is because she was not in the mortgage with Barclays plc. I'm wondering is there any way that I can add her name on the documents at HMLR?
  • Can you tell me how to have a person removed from the title documents to a house where the mortgage is with Barclays plc
  • Our financial adviser has recommended their conveyancing solicitor for our Transfer of Equity plus remortgage with Barclays plc - Is it not simpler advisable to just instruct them?

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

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

Can you provide the name(s) and addresse(s) of those who jointly own the premises with you?

Have you approached Barclays plc to seek consent to the Transfer of Equity

Would you like us to draw up a Declaration of Trust. If so are you happy to pay for the additional fee (beyond the Transfer of Equity fee)?

Please provide the details of anyone to be added to the property title?

Please give the details of anyone to be removed from the property title?

General Advice to read 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 premises

Should the tenure of your property be leasehold, provisions in the lease may require that you have a license to do so from the landlord. If such restrictions are not strictly observed you may be in breach of 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 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 varies based on the market value of the property at the conclusion of the transfer of equity conveyancing.
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