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DB UK Bank

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

  • I am in the process of refinancing my house in Witham does my lawyer need to be on the DB UK Bank Conveyancing panel. The conveyancing also involves a transfer of equity.
  • My DB UK Bank home loan we jointly entered into with ex, who is agreeable to be removed and put the house in my name alone. DB UK Bank will permit the transfer of equity to my individual name. Do DB UK Bank write my company to check my salary?
  • Me and my former fiance and I are are looking to find an affordable conveyancing solicitor to assist 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...how do I know which to appoint?
  • Me and a friend got a joint mortgage with DB UK Bank on a apartment in 2013. I am now thinking of purchasing a flat by myself and my friend would like to buy me out. Assuming we can agree a price where do we go? Would there be any potential issue with DB UK Bank with him being solely liable for the total loan rather than only half of it?
  • Is it possible to apply to borrow more money from DB UK Bank as part of a Transfer of Equity?
  • When it comes to transfer of equity conveyancing involving refinance with DB UK Bank should I be charged value added tax 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
  • Have recently split up with my partner of 18 years. I'm now back with my mum and dad and she wishes to stay in the property and buy me out. What percentage do I get. Is it half 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

Sample of information requested in a conveyancing solicitor questionnaire relating to DB UK Bank Transfer of Equity

Please provide the name(s) and addresse(s) of anyone to be added to the title deeds?

Please give the name(s) and addresse(s) of those who jointly own the property with you?

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

Please list all persons who occupy the property, their respective ages and relationships to you.

Please give the details of anyone to be removed from the property title?

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

Information to consider in in addition to the above DB UK Bank transfer of equity information :

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

Should the tenure of your property be leasehold, the lease may require that you have a license to do so from the landlord. If such restrictions 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 varies based on the market value 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 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 lawyer 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