Recently asked questions relating to DB UK Bank transfer of equity

• How and when do I pay stamp duty chargeable for the transfer of equity in my house in my sole name which is happening at the same time as a switching mortgage via DB UK Bank?
• Can I apply to borrow more money from DB UK Bank as part of a Transfer of Equity?
• My former husband are seeking to get a conveyancing solicitor in place for a new mortgage with DB UK Bank. Transfer of Equity conveyancing is also neededI have used the different comparison based tools and the results are from all over the country. How necessary is it to appoint a conveyancing solicitor local to us?
• Law week I separated from my wife of thirty years. I'm now living with my mum and dad and she wants to stay in the apartment and buy me out. What percentage am I entitled to. Is it 50% of the equity after redeeming the mortgage with DB UK Bank? I assume proper valuations are required but I would like to be confident that I'm getting the best deal
• My father died last May leaving a unencumbered bungalow to me and my step brother 50:50. He has always lived in the house, there was a provision in the will saying the housecould not be sold for 2 years after her death so he could continue to live there for a while. He now wishes to remain in the house beyond the prescribed period. We have discussed a transfer of equity. Am I right in saying we should get a valuation then he'd get a home loan in the traditional way to acquire my equity?
• I am answering a DB UK Bank transfer of equity request and have arrived at the questions that asks about debts etc. There are some debts that I have been clearing over a long period, in fact they have long since disappeared from my credit rating. Must I set these out?
• When it comes to transfer of equity conveyancing involving refinance with DB UK Bank should I be invoiced VAT 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

Examples of information requested in a lawyer form concerning a DB UK Bank Transfer of Equity

Information to consider in in addition to 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, the lease may require that you obtain the consent of the freeholder. If such conditions are not strictly observed 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 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 conveyancing solicitor 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 time of completion of the transfer of equity conveyancing.

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 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 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.