Examples of recent questions relating to Metro Bank transfer of equity
- How and when do I incur stamp duty due for the transfer of equity in my property in my name alone which is taking place simultaneously with a refinancing via Metro Bank?
- I intend to remortgage my home in Miles Platting
changing from Bank of Scotland to Metro Bank. The home is jointly owned but intend for it to be in my name only once I transfer. My husband is OK with this and is happy to sign a form but neither of us want to get a second conveyancing solicitor involved.
- How much the typical solicitors fees are for a transfer of equity? I need to transfer equity and remortgage - moving over to Metro Bank - and have been quoted £250 plus VAT by Metro Bank's appointed conveyancing solicitor, Is this a reasonable price?
- When it comes to transfer of equity conveyancing involving refinance with Metro Bank should I be charged 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 former husband are looking to get a conveyancing solicitor in place for a new mortgage 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 have a conveyancing solicitor local to us?
- I am answering a Metro Bank transfer of equity application and have come to the section concerning defaults etc. There are some debts that I have been clearing since 2007, in fact they have long since disappeared from my credit records. Do I need to declare these?
- I own a flat in Crabtree
, with a Metro Bank mortgage with my former partner. He and his fiance are going to buy me out. We had the go ahead from Metro Bank to substitute my name with hers. The transfer of equity has to be done by a conveyancer for Metro Bank (apparently). In order to save fees can I deal with the Land Registry formalities?
Information that may be required from your conveyancer is likely to ask in relation to your Metro Bank Transfer of Equity
Where you are adding a person on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.
Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you
Please provide the details of those who jointly own the property with you?
Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?
Please provide the details of anyone to be added to the title deeds?
Will there be any payment between the parties for the Transfer of Equity? If so, please state the amount and who is to receive the same
Information to consider in in addition to the above Metro Bank transfer of equity Info :
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 Metro Bank conveyancing panel and accountant before transferring equity.
Transfer of Equity Conveyancing for Leasehold titles
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 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.
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 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 finalisation 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 conveyancing solicitor 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 lawyer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.
Content 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.