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Barclays - Woolwich

Common questions relating to Barclays plc transfer of equity

  • When it comes to transfer of equity conveyancing involving refinance with Barclays plc should I be paying value added tax on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • I am led to believe we would need at least AP1 and Transfer Deed. Is this true?
  • I am planning on removing a name from a joint mortgage and the Barclays plc need me to use a lawyer to carry out the paperwork. Can you recommend a reasonably priced Winchelsea lawyer to deal with the transfer of equity? They need to be on the Barclays plc conveyancing panel.
  • Barclays plc have today agreed I can take over the mortgage on the house. I previously applied for a transfer of equity but is this a transfer of ownership of the title deeds in addition?
  • Law month I separated from my wife of thirty years. I'm now back with my parents again and she wants to remain in the flat and buy me out. What portion do I get. Is it half of the equity after paying off the mortgage with Barclays plc? I assume proper valuations are required but I would like to be sure that I'm getting I am not being taken advantage of
  • Am I best advised cancel my mortgage payments with Barclays plc once a date for my remortgage and transfer of equity has been agreed?
  • My former wife are looking to get a lawyer lined up for a refinance with Barclays plc. Transfer of Equity conveyancing is also necessaryI have used the different rating based websites and the results are from all over UK. Do we need to appoint a conveyancer local to us?

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

Is the transfer of equity subject to a court order? If yes please supply a copy

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

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

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

Please give the name(s) and addresse(s) of anyone to be added to the title deeds?

If 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.

General Advice to read in in addition to the above Barclays plc transfer of equity Advice :

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 premises

Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such restrictions are not strictly observed 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 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 varies based on the market value of the property at the time of completion 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 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.

Content 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