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M&S Bank transfer of equity example support desk enquires

  • Have recently separated from my ex of thirty years. I'm now living with my parents again and she wants to stay in the apartment and pay me off. What portion do I get. Is it 50% of the equity after redeeming the M&S Bank home loan? I assume proper valuations are required but I would like ensure that I'm getting what I am entitled to
  • When it comes to transfer of equity conveyancing involving a remortgage with M&S Bank should I be charged value added tax 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 ex are seeking to get a lawyer lined up for a refinance with M&S Bank. Transfer of Equity conveyancing is also neededI have used the different comparison based services and the results are from all over UK. Do we need to instruct a lawyer local to us?
  • Can I apply to borrow a further advance from M&S Bank as part of a Transfer of Equity?
  • What if my application doesn't meet M&S Bank lending criteria for a transfer of equity?
  • What should I be budgeting for when it comes to what solicitors costs are for a transfer of equity? I need to transfer equity and remortgage - new loan with M&S Bank - and have been quoted Four Hundred pounds excluding VAT by M&S Bank's approved lawyer, Is this a reasonable price?
  • I co-own a property in Winchelsea , with a M&S Bank mortgage with my ex partner. Him and his fiance are going to acquire my share. We had consent from M&S Bank to substitute my name with hers. The transfer of equity has to be completed by a conveyancer for M&S Bank (apparently). Can we do the Land Registry formalities?

Questions that your conveyancing solicitor is likely to ask in relation to your M&S Bank Transfer of Equity

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

Is it the case that one of the registered owners passed away? If so please forward us with a copy of the Death Certificate, Probate and a copy of the Will.

Has consent been obtained from M&S Bank to the proposed transfer of equity?

Please inform us if you are providing any payment for the Transfer of Equity and to whom and give details of the amount?

If 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?

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

General Advice to read in further to 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 properties

If your property is leasehold, provisions in the lease may require that you have a license to do so from the landlord. If such terms are not adhered to you may be in violation of your covenants under the lease. This could potentially result in 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 varies based 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 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.


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