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Are you in need of a Transfer of Equity with a M&S Bank mortgage? Failing to check that a lawyer is on the M&S Bank 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.

Common questions relating to M&S Bank transfer of equity

  • Is it sensible to cancel my mortgage payments with M&S Bank as soon as a date for my remortgage and transfer of equity has been set?
  • I already have a mortgage with M&S Bank and am maintaining my existing mortgaging but wish to have it in my name only so my ex will no longer be on the mortgage. How long does the whole transfer of equity process take?
  • Law week I split up with my ex of 18 years. I'm now living with my mum and dad and she wishes to remain in the flat and buy me out. What portion am I entitled to. Is it 50% of the equity after discharging the M&S Bank home loan? I assume proper valuations are required but I really need ensure that I'm getting what I am entitled to
  • At what stage do I cover the costs of the Stamp Duty Land Tax due for the transfer of equity in my house in my name alone which is happening at the same time as a refinancing via M&S Bank?
  • Is it possible to transfer the equity held in my property with my M&S Bank mortgage?
  • My M&S Bank mortgage is in joint names with ex, who is agreeable to come off the mortgage and let me have the property. M&S Bank have consented to the transfer of equity to me solely. Will M&S Bank contact my company to verify my salary?
  • What should I be budgeting for when it comes to what solicitors charges are for a transfer of equity? I'm in the process of remortgaging - moving over to M&S Bank - and have been quoted Three Hundred pounds excluding VAT by M&S Bank's approved conveyancing solicitor, Have I been over quoted?

Examples of information requested in a conveyancing solicitor questionnaire concerning a M&S Bank Transfer of Equity

We need you to provide the National Insurance Number(s) of all the new owners (required for completion of the SDLT Form)

Have you approached M&S Bank to obtain consent to the Transfer of Equity

Would you like us to prepare Declaration of Trust. If so are you willing to incur the further fee (beyond the Transfer of Equity fee)?

Is it the case that one of the registered owners died? If so please supply us with a copy of all the relevant documents e.g. the will, death certificate etc..

Please give the details of anyone to be extracted from the property title?

Where you are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Information to consider in conjunction with 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 premises

If your property is 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 trigger 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 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 finalisation 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 lawyer 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 contained within this webpage is for general information and only applies to England and Wales. It does not constitute 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