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DB UK Bank transfer of equity example support desk enquires

  • Is it possible to apply to request more money from DB UK Bank as part of a Transfer of Equity?
  • Law week I split up with my ex of twenty years. I'm now living with my parents again and she wants to stay in the apartment and buy me out. What percentage do I get. Is it half of the equity after discharging the DB UK Bank home loan? I assume proper valuations are necessary but I would like to be sure that I'm getting I am not being taken advantage of
  • I purchased a house with a friend six years ago Since purchasing the property, we have both got married. We are now looking to do a transfer of equity so my name is removed the DB UK Bank mortgage. There is a 40k difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
  • Can you tell me how to have someone removed off the title documents to a house if the mortgage is with DB UK Bank
  • I jointly own a property in Dunnington , with a DB UK Bank mortgage with my former partner. He and his new partner are going to buy me out. We had consent from DB UK Bank to replace my name with hers. The transfer of equity needs to be completed by a conveyancer for DB UK Bank (apparently). Can we deal with the Land Registry formalities?
  • I am hoping to remortgage my maisonette in Friern Barnet changing from Nationwide to DB UK Bank. The maisonette is jointly owned but wish for it to be in my sole name when I transfer. My wife has verbally consented to this and is willing to sign a form but neither of us want to incur lawyer charges.
  • Is it possible to transfer the equity held in my property with my DB UK Bank home loan?

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

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

Please let us know of you wish 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 provide the details of anyone to be added to the title deeds?

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

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

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

Caveats to be read in further to the above DB UK Bank transfer of equity Advice :

Tax and Legal

There are numerous potential 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 conditions are not complied with you may be in violation of your covenants under 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 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 time of completion of the transfer of equity conveyancing.
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 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 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