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Metro Bank

Common questions relating to Metro Bank transfer of equity

  • I already have a home loan with Metro Bank and am maintaining my current mortgaging but applying to have have the equity transferred to my sole name so my ex will be removed from the deeds. How long does the whole transfer of equity process take?
  • I am in the process of refinancing my property in Crabtree does my lawyer have to be on the Metro Bank Solicitor panel. The conveyancing also involves a transfer of equity.
  • What if my application doesn't meet Metro Bank lending criteria for a transfer of equity?
  • I am are looking to find a value for money conveyancing solicitor to help me sell in a transfer of equity and remortgage with Metro Bank. I am aware of the risk of getting ripped off but with so many conveyancing organisations who do transfer of equity conveyancing out there...who do I opt for?
  • Online research suggests that solicitors are more expensive than conveyancers for transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor if I need to be transferring equity and simultaneously refinancing with Metro Bank
  • My former husband are seeking to get a conveyancer lined up for a remortgage with Metro Bank. Transfer of Equity conveyancing is also neededI have used the different comparison based websites and the results are from all over the country. Is it important to appoint a conveyancing solicitor local to us?
  • As things stand I have a joint Metro Bank mortgage with my step-brother and am investigating the possibility of him assuming responsibility for the whole mortgage and removing myself from it, so as to enable me to buy a place with my soon-to-be-wife. The remaining mortgage is approx 200k, and the property value is in the region 450k. Is this a transfer of equity? Is land tax involved?

Sample of information requested in a conveyancing solicitor questionnaire concerning a Metro Bank Transfer of Equity

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?

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

Have you approached Metro Bank to seek consent to the Transfer of Equity

Please provide the details of anyone to be added to the property title?

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

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

Caveats to be read in supplemental the above Metro Bank transfer of equity Advice :

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 Metro 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 obtain the consent of the freeholder. If such terms are not adhered to 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 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 conveyancing solicitor will check with Metro 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 Metro 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 Metro Bank.

Preparing the Transfer of Equity with a Metro 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 Metro 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 Metro Bank transfer of equity