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Are you in need of a Transfer of Equity with a Metro Bank plc mortgage? Failing to check that a lawyer is on the Metro Bank plc 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.

Metro Bank transfer of equity: q and a’s

  • My decree absolute is through as is the consent order. Now I have to address the transfer of equity for the property and the Metro Bank mortgage. I have called Metro Bank for the transfer of equity forms. What do I do now?
  • What are my options where I am not happy with the lawyer who did my transfer of equity transaction?
  • My financial adviser has recommended their lawyer for my Transfer of Equity plus remortgage with Metro Bank - Surely it’s easier to just use them?
  • My Metro Bank home loan is in joint names with ex, he has agreed to come off the deeds and put the house in my name alone. Metro Bank have consented to the transfer of equity to me solely. Will Metro Bank get in touch with my company to verify my salary?
  • I am completing a Metro Bank transfer of equity form and have arrived at the part regarding defaults etc. I do some debts that I have been reducing for a number of years, I understand that they no longer remain my credit rating. Am I obliged to disclose these?
  • What should I be budgeting for when it comes to what conveyancing fees are for a transfer of equity? I'm in the process of remortgaging - moving over to Metro Bank - and have been quoted £250 plus VAT by Metro Bank's approved conveyancing solicitor, Is this a reasonable price?
  • I am looking for a conveyancer to handle my transfer of equity. Metro Bank are dealing with the refinancing. I considered asking my financial adviser. I am lead to believe he may receive a kickback for recommending a firm, but also of benefit will be that he knows the lawyer, has a working relationship with them. Any flaws you see in this way of thinking?

Sample of information requested in a lawyer questionnaire relating to Metro Bank Transfer of Equity

Is it the case that one of the registered proprietors passed away? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..

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

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

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

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

Please give the name(s) and addresse(s) of those who jointly own the property with you?

Important warnings to consider in conjunction with 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

Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you have a license to do so from the freeholder. If such terms are not adhered to you may be in breach 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 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 market value of the property at the time of completion 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