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Are you in need of a Transfer of Equity with a DB UK Bank Ltd mortgage? Failing to check that a lawyer is on the DB UK Bank Ltd list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Recently asked questions relating to DB UK Bank transfer of equity

  • I am in the process of removing a name from a joint mortgage and the DB UK Bank need me to use a conveyancing solicitor to carry out the conveyancing. Can you recommend a reasonably priced Winchelsea lawyer to deal with the transfer of equity? They need to be on the DB UK Bank conveyancing panel.
  • I got divorced in 2011. I simply never got around to transfer ownership from both our names to my name alone. I am ready to do that and so is she. Transfer-of-equity is presumably the way forward. DB UK Bank is willing to transfer the full equity in my name (affordability checks done). Does she need a lawyer?
  • My partner and myself have 50:50 shares in a investment property. I am a higher rate tax payer. Preferably I wish to complete a transfer of equity into her name to reduce our tax on the letting income. Assuming DB UK Bank are happy with this the legal fees are not prohibitive. What are the implications when we dispose of the property? As I would no longer be on the title documents am I giving up my CGT relief.
  • I am considering mortgaging my flat in Friern Barnet does my lawyer have to be on the DB UK Bank Solicitor panel. The conveyancing also involves a transfer of equity.
  • What are the average legal fees are for a transfer of equity? I'm in the process of remortgaging - new loan with DB UK Bank - and have been quoted £350 plus VAT by DB UK Bank's approved lawyer, Is this is a good price or not?
  • What are my options where I am unhappy with the conveyancer who handled my transfer of equity transaction?
  • My former husband are planning to get a lawyer lined up for a remortgage with DB UK Bank. Transfer of Equity conveyancing is also necessaryI have used the different rating based websites and the results are from all over England and Wales. How necessary is it to appoint a lawyer local to us?

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

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

Is there to be any payment between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive what figure

Has one of the registered proprietors died? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..

Please provide the details of anyone to be added to the property title?

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

If are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

General Advice to 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 properties

Should the tenure of your property be leasehold, provisions in the lease may require that you have a license to do so from the freeholder. If such conditions are not complied with you may be in breach 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 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 finalisation of the transfer of equity transaction.
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 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.

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.


Frequently asked questions relating to DB UK Bank transfer of equity