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DB UK Bank

Examples of recent questions relating to DB UK Bank transfer of equity

  • DB UK Bank have just agreed I can take over the mortgage on the flat. I have applied for a transfer of equity but presumably there is a transfer of ownership of the title deeds as well?
  • Will I incur any charges for a Transfer of Equity where the current mortgage is with DB UK Bank?
  • I currently have a joint DB UK Bank mortgage with my brother and am looking into the feasibility of him assuming responsibility for the whole mortgage and subtracting myself from it, to enable me to purchase a place with my fiance. The remaining mortgage is about 200k, and the property value is approx 450k. Is this a transfer of equity? Is stamp duty involved?
  • When it comes to transfer of equity conveyancing involving a remortgage with DB UK Bank should I be invoiced 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
  • My DB UK Bank home loan is in joint names with ex, who has agreed to come off the deeds and let me have the property. DB UK Bank have consented to the transfer of equity to me solely. Will DB UK Bank write my employer to confirm my salary?
  • I am refinancing my apartment in Littleborough does my lawyer have to be on the DB UK Bank Solicitor panel. The conveyancing also involves a transfer of equity.
  • My former wife are seeking to get a lawyer lined up for a remortgage with DB UK Bank. Transfer of Equity conveyancing is also neededI have used the different rating based services and the results are from all over UK. Is it important to appoint a conveyancer local to us?

Information that may be required from your lawyer is likely to ask in relation to your DB UK Bank 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?

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

Is there to be any consideration monies passing between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive the same

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

We need you to supply the National Insurance Number(s) of all the new owners (required for completion of the Stamp Duty Land Tax Form)

Has consent been obtained from DB UK Bank to the proposed transfer of equity?

General Advice to read in supporting the above DB UK Bank 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 DB UK Bank 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 conditions are not complied with 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 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 DB UK Bank 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 DB UK Bank 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 is dependent on the valuation of the property at the conclusion of the transfer of equity transaction.
If you do not keep up the payments on your mortgage with DB UK Bank your property may be repossessed.

Preparing the Transfer of Equity with a DB UK Bank 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 DB UK Bank 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 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 DB UK Bank transfer of equity