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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.

Examples of recent questions relating to Barclays plc transfer of equity

  • I am in the process of remortgaging my property in Winchelsea does my lawyer need to be on the Barclays plc Conveyancing panel. The conveyancing also involves a transfer of equity.
  • My current mortgage is with Barclays plc. Can I transfer equity to someone who is not yet 18 years old?
  • I currently have a joint Barclays plc mortgage with my brother and am looking into the option of him taking on the whole mortgage and removing myself from it, so as to enable me to purchase a place with my soon-to-be-wife. The remaining mortgage is approx 200k, and the property value is in the region 500k. Is this a transfer of equity? Is stamp duty involved?
  • What legal advice do I need when doing a transfer of equity where the home loan is to remain with Barclays plc?
  • My former husband are looking to get a lawyer lined up for a remortgage with Barclays plc. Transfer of Equity conveyancing is also necessaryI have used the different comparison based services and the results are from all over UK. How necessary is it to instruct a conveyancer local to us?
  • I already have a home loan with Barclays plc and am maintaining my existing mortgaging but seeking to have it in my name only so my former wife won't be on it any longer. How long does the whole transfer of equity process take?
  • Will I incur any charges for a Transfer of Equity where the existing mortgage is with Barclays plc?

Information that may be required from your conveyancing solicitor is likely to ask in relation to your Barclays plc Transfer of Equity

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” Form.

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

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

Who will be responsible for the costs of the Transfer of Equity?

Can you provide the name(s) and addresse(s) of anyone who jointly owns the property with you?

Please let us know where you are making any payment for the Transfer of Equity and to whom and specify the amount?

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

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

If your property is leasehold, 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 violation of the lease. This could potentially result in 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 valuation of the property at the conclusion 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 provided 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