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DB UK Bank transfer of equity example support desk enquires

  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with DB UK Bank?
  • My divorce has gone through as is the consent order. Now I have to address the transfer of equity at the HMLR and the DB UK Bank home loan. I have called DB UK Bank for the transfer of equity forms. What are my next steps?
  • DB UK Bank have today 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 at the Land Registry in addition?
  • I am looking for a conveyancing solicitor to handle my transfer of equity. DB UK Bank have been approached for a refinancing. I thought of asking my financial adviser. I am lead to believe he will likely get a kickback for suggesting a firm, but also of benefit will be that he knows the conveyancing solicitor, has a working relationship with them. Is my logic misguided?
  • At what stage do I incur the Stamp Duty Land Tax payable for the transfer of equity in my home in my sole name which is taking place at the same time as a remortgage with DB UK Bank?
  • I am answering a DB UK Bank transfer of equity application and have arrived at the section concerning defaults etc. I do some debts that I have been reducing over a long period, in fact they have long since disappeared from my credit rating. Do I need to set these out?
  • I am considering mortgaging my house in Dunnington does my lawyer have to be on the DB UK Bank Conveyancing panel. The conveyancing also involves a transfer of equity.

Sample of information requested in a conveyancing solicitor form concerning a DB UK Bank Transfer of Equity

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

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

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

Please provide the name(s) and addresse(s) of anyone to be removed from the property title?

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

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

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 properties

Should the tenure of your property be leasehold, 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 restrictions are not strictly observed you may be in violation of your covenants under 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 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 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 DB UK Bank.

Preparing the Transfer of Equity with a DB UK Bank Mortgage

When it comes to preparing the the Land Registry documents your conveyancing solicitor 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 conveyancer 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 DB UK Bank transfer of equity