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M&S Bank

Sample questions relating to M&S Bank transfer of equity

  • I am looking for a conveyancing solicitor to handle my transfer of equity. M&S Bank have been approached for a remortgage. I thought of asking my mortgage broker. I am lead to believe he may get a referral fee for recommending a firm, but also of benefit will be that he knows the conveyancing solicitor, has a working relationship with them. Any flaws you see in this way of thinking?
  • I purchased a house with a friend in 2008 Since purchasing the property, we have both got married. We are now looking to do a transfer of equity so my name comes off the M&S Bank mortgage. There is a significant difference between the value the lender hold and what the property would sell for currently. Can you offer any advice?
  • Me and my former fiance and I are in the market for an affordable conveyancing lawyer to assist in a transfer of equity and remortgage with M&S Bank. I am aware of the possibility of getting ripped off and there's so many conveyancing solicitors who do transfer of equity conveyancing to choose from...who do I opt for?
  • My partner and I co-own a property in Romsey . Mortgage is with M&S Bank. I want to transfer full ownership to him with no payment of money but without using a conveyancing solicitor. Is this likely to be easy to so?
  • My friend and I got a joint mortgage with M&S Bank on a property a couple of years ago. I am now looking to get a property by myself and my friend would like to buy me out. Once we have agreed a figure what happens next? Would there be any potential problem with M&S Bank with him being responsible for the total mortgage as opposed to only half of it?
  • My decree absolute is through as is the consent order. Now I need to deal with the transfer of equity on title deeds and the M&S Bank mortgage. I have contacted M&S Bank for the transfer of equity application. What are my next steps?
  • In 2011 I purchased a flat without my wife's name on the deeds. My conveyancing solicitor said it is because she is not in the loan offer with M&S Bank. Is it possible for me to put her name on the title?

Sample of questions in a lawyer form relating to M&S Bank Transfer of Equity

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

Please provide the details of those who jointly own the property with you?

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

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?

Has one of the registered owners passed away? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..

Please give the details of anyone to be added to the title deeds?

Information to consider in supplemental the above M&S 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 M&S Bank conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

If your property is leasehold, the lease may require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in violation 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 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 valuation of the property at the conclusion of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with M&S Bank.

Preparing the Transfer of Equity with a M&S 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 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 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 M&S Bank transfer of equity