DB UK Bank transfer of equity example support desk enquires

• What if my application doesn't meet DB UK Bank lending criteria for a transfer of equity?
• My decree absolute 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 application. What do I do now?
• I got my Decree Absolute in 2010. I simply never dealt with the change the ownership from the current 'joint' status to just in my name. I now plan to deal with it and there are no objections. Transfer-of-equity is presumably the way forward. DB UK Bank is content to transfer the property and loan in my name (financial checks done). Does my ex need a lawyer?
• DB UK Bank have just agreed I can take over the home loan on the house. I had applied for a transfer of equity but presumably there is a transfer of ownership of the title deeds as well?
• I am searching for a value for money conveyancing lawyer to help me sell in a transfer of equity and refinance with DB UK Bank. I I am concerned about appointing the wrong one and there's lots of conveyancing organisations who do transfer of equity conveyancing out there...who's the best?
• The mortgage broker has recommended their lawyer for the Transfer of Equity plus remortgage with DB UK Bank - Is it not simpler easier to just use them?
• What is the process for having a person removed from the title documents to a house if the home loan is with DB UK Bank

Information that may be required from your conveyancer may ask in relation to your DB UK Bank Transfer of Equity

Caveats to be read in supporting the above DB UK Bank transfer of equity Questions and Answers :

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, the lease may have a requirement for notices to be served and that you have a license to do so from the landlord. If such terms are not adhered to you may be in violation 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 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 market value 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 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.