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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.

Recently asked questions relating to M&S Bank transfer of equity

  • My existing mortgage is with M&S Bank. Can I transfer equity to someone less than 18 years old?
  • When it comes to transfer of equity conveyancing involving refinance with M&S Bank should I be invoiced VAT on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • My M&S Bank home loan is in joint names with ex, who has agreed to be removed 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 employer to confirm my salary?
  • I am hoping to remortgage my home in Crabtree changing from Barclays to M&S Bank. The apartment is jointly owned but intend for it to be in my name only as and when I switch. My wife has agreed to this and is happy to transfer equity but neither of us want to incur conveyancing solicitor charges.
  • Been reviewing consumer forums 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 am transferring equity and at the same time refinancing with M&S Bank
  • Will I incur any charges for a Transfer of Equity where the existing home loan is with M&S Bank?
  • Me and a friend got a joint mortgage with M&S Bank on a property a couple of years ago. I am now looking to get a flat on my own and my friend would like to buy me out. Assuming we can agree an amount what are the next steps? Would there be any potential concerns with M&S Bank with him being responsible for the total loan rather than only half of it?

Information that may be required from your conveyancing solicitor is likely to ask regarding your M&S 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?

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

Please let us know of you wish us to draft you Declaration of Trust. If so are you happy to pay for the additional fee (beyond the Transfer of Equity fee)?

Please list all persons who occupy the property, their respective ages and relationships to you.

Please provide a copy of your National Insurance Number?

Please provide the name(s) and addresse(s) of anyone who jointly owns the premises with you?

General Advice to read in supplemental the above M&S Bank transfer of equity information :

Tax and Legal

There are numerous potential 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 properties

If your property is leasehold, provisions in the lease may require that you obtain the consent of the landlord. If such restrictions are not strictly observed 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 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 conveyancing solicitor 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 varies based on the market value of the property at finalisation of the transfer of equity transaction.
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 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 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