Top seven questions relating to DB UK Bank transfer of equity

• My partner and I jointly own a property in Rye . Home loan is with DB UK Bank. I want to transfer full ownership to him with no passing of money but without using a conveyancing solicitor. Do you think this should be straightforward?
• My former wife are planning to get a lawyer lined up for a remortgage with DB UK Bank. Transfer of Equity conveyancing is also necessaryI have used the different rating based websites and the results are from all over UK. Is it important to have a conveyancing solicitor local to us?
• I got divorced in 2011. Foolishly I never got around to change the ownership from both our names to my name alone. I now plan to deal with it and there are no objections. Transfer-of-equity is needed. DB UK Bank is willing to transfer the property and loan in my name (financial checks done). Does my ex need a conveyancer?
• What legal advice do I need when doing a transfer of equity where the home loan is to remain with DB UK Bank?
• I am thinking of remortgaging my flat in Sedgefield does my lawyer have to be on the DB UK Bank Conveyancing panel. The conveyancing also involves a transfer of equity.
• Is stamp duty payable when it comes to an transfer of equity with a mortgage with DB UK Bank?
• Is it possible to transfer the equity held in my property with my DB UK Bank home loan?

Examples of information requested in a conveyancing solicitor questionnaire concerning a DB UK Bank Transfer of Equity

Important warnings to consider in supplemental the above DB UK Bank 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 DB UK Bank conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

If your property is leasehold, provisions in the lease may have a requirement for notices to be served and that you have a license to do so from the freeholder. If such terms are not adhered to 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 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 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.

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 lawyer 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.