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Metro Bank

Examples of recent questions relating to Metro Bank transfer of equity

  • My financial adviser has recommended their lawyer for our Transfer of Equity plus remortgage with Metro Bank - Is it not simpler easier to just use them?
  • Taking into account that we have been four years apart I have decided to transfer my share of our flat to my husband who is re-mortgaging with Metro Bank. Could this transfer of equity be done in less than four weeks?
  • How much the typical legal charges are for a transfer of equity? I need to transfer equity and remortgage - new loan with Metro Bank - and have been quoted £250 excluding VAT by Metro Bank's approved conveyancer, Have I been over quoted?
  • What are my options where I am unhappy with the lawyer who carried out my transfer of equity transaction?
  • I got my Decree Absolute in 2011. I simply never got around to change the ownership from both our names to my sole name. I am ready to do that and so is she. Transfer-of-equity is needed. Metro Bank is happy to transfer the full equity in my name (financial checks done). Does my ex need any legal representation?
  • How do I go about adding or removing names (transfer of equity) to or from my Metro Bank mortgage account?
  • I am hoping to refinance my maisonette in Ampthill switching from Bank of Scotland to Metro Bank. The flat is jointly owned but intend for it to be in my name only as and when I switch. My husband has verbally consented to this and is happy to sign a form but neither of us want to get a second conveyancing solicitor involved.

Information that may be required from your conveyancer may ask regarding your Metro Bank Transfer of Equity

Is there to be any consideration monies passing between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive the same

Please provide the details of anyone who jointly owns the premises with you?

If you are adding someone on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

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

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

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

Information to consider in conjunction with the above Metro Bank transfer of equity Info :

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 premises

If your property is leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such conditions are not strictly observed you may be in violation of 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 situations, 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 lawyer 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.
If you do not keep up the payments on your mortgage with Metro Bank your property may be repossessed.

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