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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.

DB UK Bank transfer of equity example support desk enquires

  • I am in the market for a trustworthy conveyancing solicitor to help me sell in a transfer of equity and refinance with DB UK Bank. I I am fearful of being overcharged but with various conveyancing solicitors who do transfer of equity conveyancing to choose from...who's the best?
  • Online reading suggests that solicitors are more expensive than licensed conveyancers for transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor if I need to be transferring equity and at the same time refinancing with DB UK Bank
  • I am answering a DB UK Bank transfer of equity form and have come to the questions regarding debts etc. There are some debts that I have been discharging since 2009, I understand that they have long since disappeared from my credit score. Do I need to set these out?
  • My wife and myself have equal shares in a buy to let. I am a higher rate tax payer. Preferably I wish to do a transfer of equity to her sole name in order reduce our tax on rental income. Assuming DB UK Bank are content with this the legal fees are not high. What are the implications when we sell? Would my GGT relief be lost.
  • My decree absolute has gone through as is the consent order. Now I must sort out the transfer of equity on title deeds and the DB UK Bank mortgage. I have called DB UK Bank for the transfer of equity application. What are my next steps?
  • Having been four years apart I have opted to relinquish up my share of the former home to my husband who is re-mortgaging with DB UK Bank. Could this transfer of equity be done within four weeks?
  • My DB UK Bank mortgage we jointly entered into with ex, who has agreed to come off the mortgage and put the house in my name alone. DB UK Bank have consented to the transfer of equity to my individual name. Do DB UK Bank write my company to verify my salary?

Questions that your conveyancer could ask regarding your DB UK Bank Transfer of Equity

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

If you are adding a person on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

Would you like us to draw up a Declaration of Trust. If so are you happy to incur the further fee (beyond the Transfer of Equity fee)?

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

Who will be responsible for the costs of the Transfer of Equity?

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

General Advice to read in supporting the above DB UK Bank transfer of equity information :

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 properties

Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such restrictions are not strictly observed 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 situations, 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 market value of the property at finalisation 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 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 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