First Trust Bank transfer of equity example support desk enquires
- I am completing a First Trust Bank transfer of equity request and have arrived at the part that asks about debts etc. I do some debts that I have been reducing for a number of years, I understand that they have long since disappeared from my credit score. Am I obliged to disclose these?
- Can you tell me how to have a person removed off the title documents to a house if the mortgage is with First Trust Bank
- I currently have a joint First Trust Bank mortgage with my brother and am looking into the possibility of him assuming responsibility for the whole mortgage and removing myself from it, to enable me to purchase a place with my soon-to-be-wife. The remaining mortgage is approx 250k, and the property value is about 600k. Is this a transfer of equity? Is land tax involved?
- First Trust Bank have just agreed I can take over the mortgage on my home. I had applied for a transfer of equity but presumably there is a transfer of ownership at the Land Registry on top?
- Been looking at online blogs that solicitors are more expensive than licensed conveyancers for transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor where I need to be transferring equity and at the same time switching mortgage with First Trust Bank
- I acquired a property with my cousin in 2009 Since then, we have both got married. We are now seeking to do a transfer of equity so my name comes off the First Trust Bank mortgage. There is a significant difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
- Law week I separated from my partner of 18 years. I'm now back with my mum and dad and she wants to stay in the apartment and pay me off. What portion am I entitled to. Is it 50% of the equity after redeeming the First Trust Bank home loan? I assume proper valuations are necessary but I would like to be sure that I'm getting the best deal
Examples of questions in a lawyer form relating to First Trust Bank Transfer of Equity
Please confirm if you are providing any payment for the Transfer of Equity and to whom and specify any such sums?
Please give the name(s) and addresse(s) of anyone to be added to the title deeds?
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?
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 provide a copy of your National Insurance Number?
Please give the details of those who jointly own the premises with you?
Caveats to be read in supplemental the above First Trust Bank transfer of equity Info :
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 First Trust Bank conveyancing panel and accountant before transferring equity.
Transfer of Equity Conveyancing for Leasehold titles
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 landlord. If such conditions are not complied with you may be in breach of the lease. This could trigger the freeholder taking enforcement action against you.
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 First Trust 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 First Trust 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 finalisation of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with First Trust Bank.
Preparing the Transfer of Equity with a First Trust Bank Mortgage
When it comes to preparing the the Land Registry documents your conveyancer should in the ‘consideration’ panel choose the first option, if consideration is given; otherwise ignore the consideration panel altogether.
If First Trust 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.