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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 example support desk enquires

  • What is the process for adding or removing names (transfer of equity) to or from my Metro Bank mortgage account?
  • How and when do I pay stamp duty payable for the transfer of equity in my home in my name alone which is taking place simultaneously with a refinancing via Metro Bank?
  • Metro Bank have today agreed I can take over the home loan on the flat. I previously applied for a transfer of equity but is this a transfer of ownership of the title deeds on top?
  • My existing mortgage is with Metro Bank. Can I transfer equity to someone under eighteen years old?
  • Having been a number of years separated I have opted to relinquish up my interest in the flat to my husband who is re-mortgaging with Metro Bank. Could this transfer of equity be done inside 28 days?
  • I am answering a Metro Bank transfer of equity application and have arrived at the section concerning debts etc. There are some debts that I have been reducing over a long period, I understand that they have long since disappeared from my credit records. Must I set these out?
  • Two years ago I bought a property without my partner's name on the title documents. My conveyancing solicitor claimed it is due to the fact that she was not in the mortgage with Metro Bank. I'm wondering is there any way that I can put her name on the title?

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

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?

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

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

Has consent been obtained from Metro Bank to the proposed transfer of equity?

Please inform us where you are making any payment for the Transfer of Equity and to whom and disclose any such sums?

Please provide the name(s) and addresse(s) of anyone to be added to the property title?

General Advice to 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 properties

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 complied with 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 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 conveyancer 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 is dependent on the valuation of the property at the time of completion of the transfer of equity transaction.
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 contained within 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