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DB UK Bank

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

  • My DB UK Bank mortgage is in joint names with ex, who is agreeable to be removed and let me have the property. DB UK Bank will permit the transfer of equity to my individual name. Do DB UK Bank get in touch with my boss to check my salary?
  • My partner and I jointly own a property in Romsey . Mortgage is with DB UK Bank. I wish to transfer full ownership to him with no passing of money but without using a conveyancer. Is this likely to be easy to so?
  • I am searching for an affordable conveyancing lawyer to assist in a transfer of equity and remortgage with DB UK Bank. I I am concerned about appointing the wrong one and there's various conveyancing organisations who do transfer of equity conveyancing to pick from...who do I opt for?
  • How and when do I incur the Stamp Duty Land Tax chargeable for the transfer of equity in my home in my name alone which is taking place at the same time as a refinancing via DB UK Bank?
  • I jointly own a apartment in Friern Barnet , with a DB UK Bank mortgage with my ex partner. He and his new partner are going to buy me out. We had consent from DB UK Bank to remove my name with hers. The transfer of equity needs to be completed by a conveyancing solicitor for DB UK Bank (supposedly). Can we deal with the Land Registry change?
  • I am am in need of a conveyancing solicitor to undertake my transfer of equity. DB UK Bank have been approached for a remortgage. I considered asking my financial adviser. I understand he may receive a kickback for recommending someone, but also of benefit will be that he knows the conveyancer, has dealt with them before. Is my logic correct?
  • Is it possible to transfer the equity held in my property with my DB UK Bank home loan?

Questions that your lawyer may ask in relation to your DB UK Bank Transfer of Equity

Have you approached DB UK Bank to obtain consent to the Transfer of Equity

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

Please let us know if you are providing any payment for the Transfer of Equity and to whom and give details of any such sums?

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been formalised?

Is it the case that one of the registered owners passed away? If so please forward us with a copy of the Death Certificate, Probate and a copy of the Will.

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

Important warnings to consider in further to 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 titles

Should the tenure of your property be leasehold, provisions in 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 your covenants under the lease. This could trigger 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 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 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.

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