Recently asked questions relating to M&S Bank transfer of equity
- My former husband are planning to get a conveyancer in place for a remortgage with M&S Bank. Transfer of Equity conveyancing is also necessaryI have used the different rating based services and the results are from all over UK. Do we need to have a lawyer local to us?
- I already have a mortgage with M&S Bank and am retaining my existing mortgaging but seeking to have have the equity transferred to my sole name so my former wife will be removed from the mortgage. How long can it take for the paperwork to be processed?
- Having been a number of years estranged I have opted to give up my share of the flat to my husband who is refinancing with M&S Bank. Could this transfer of equity be completed in four weeks?
- Our financial adviser has recommended their conveyancing solicitor for my Transfer of Equity plus remortgage with M&S Bank - won’t it be easier to just instruct them?
- What are the average solicitors charges are for a transfer of equity? I need to transfer equity and remortgage - new loan with M&S Bank - and have been quoted £250 plus VAT by M&S Bank's appointed conveyancing solicitor, Have I been over quoted?
- My ex-fiance and I are searching for an affordable conveyancing lawyer to help me sell in a transfer of equity and refinance with M&S Bank. I want to avoid being ripped off and there are many conveyancing practices who do transfer of equity conveyancing to pick from...who's the best?
- I plan to refinance my maisonette in Friern Barnet
switching from RBS to M&S Bank. The maisonette is currently in joint names but propose for it to be in my sole name when I switch. My husband has verbally consented to this and is happy to transfer equity but neither of us want to get a second conveyancing solicitor involved.
Examples of information requested in a lawyer form concerning a M&S Bank Transfer of Equity
Please list all persons who occupy the property, their respective ages and relationships to you.
Please provide the details of anyone to be extracted from the title deeds?
Where you 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?
Is it the case that one of the registered owners passed away? If so please provide us with a copy of the Death Certificate, Probate and a copy of the Will.
Is the transfer of equity subject to a court order? If yes please supply a copy
Please give the name(s) and addresse(s) of anyone to be added to the title deeds?
Caveats to be read in further to the above M&S Bank transfer of equity Questions and Answers :
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 M&S 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 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.
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 conveyancer will check with M&S 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 M&S 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 the time of completion of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with M&S Bank your property may be repossessed.
Preparing the Transfer of Equity with a M&S 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 M&S 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.
Information provided 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.