Have you approached Reliance Bank to seek consent to the Transfer of Equity
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?
Would you like us to prepare Declaration of Trust. If so are you happy to pay for the additional fee (beyond the Transfer of Equity fee)?
Where 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 give the details of anyone to be added to the title deeds?
Is it the case that one of the registered owners died? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..
Important warnings to consider in in addition to the above Reliance Bank transfer of equity information :
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 Reliance Bank conveyancing panel and accountant before transferring equity.
Should the tenure of your property be leasehold, the lease may require that you have a license to do so from the landlord. If such conditions are not complied with you may be in violation of your covenants under the lease. This could trigger the freeholder taking enforcement action against you.
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 Reliance 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 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 Reliance Bank transfer of equity