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Find a Law Firm for your Transfer of Equity approved by
Sainsburys Bank

Sample questions relating to Sainsbury's Bank transfer of equity

  • The mortgage broker has recommended their conveyancing solicitor for my Transfer of Equity plus remortgage with Sainsbury's Bank - won’t it be advisable to just use them?
  • What can I do where I am unhappy with the conveyancer who handled my transfer of equity transaction?
  • My ex are seeking to get a conveyancer in place for a new mortgage with Sainsbury's Bank. Transfer of Equity conveyancing is also requiredI have used the different comparison based tools and the results are from all over England and Wales. Do we need to instruct a conveyancing solicitor local to us?
  • I got divorced three years ago. Foolishly I never got around to transfer ownership from the current 'joint' status to just in my name. I now plan to deal with it and there are no objections. Transfer-of-equity is presumably the way forward. Sainsbury's Bank is content to transfer the property and loan in my name (affordability checks done). Does she need a lawyer?
  • My Sainsbury's Bank home loan we jointly entered into with ex, who has agreed to come off the mortgage and put the house in my name alone. Sainsbury's Bank have consented to the transfer of equity to my individual name. Do Sainsbury's Bank contact my boss to confirm my salary?
  • What are the average solicitors costs are for a transfer of equity? I'm in the process of remortgaging - new loan with Sainsbury's Bank - and have been quoted Three Hundred pounds plus VAT by Sainsbury's Bank's approved conveyancer, Is this is a good price or not?
  • I am hoping to remortgage my maisonette in Blaenavon moving from Coventry BS to Sainsbury's Bank. The home is jointly owned but I would like it to be in my sole name as and when I switch. My former partner has agreed to this and is willing to sign a form but neither of us want to incur conveyancer charges.

Sample of questions in a lawyer questionnaire concerning a Sainsbury's Bank Transfer of Equity

Please let us know of you wish us to prepare Declaration of Trust. If so are you willing to incur the further fee (beyond the Transfer of Equity fee)?

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

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been completed?

Have you approached Sainsbury's Bank to seek consent to the Transfer of Equity

Can you give the details of anyone who jointly owns the premises 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?

Information to consider in supporting the above Sainsbury's Bank transfer of equity information :

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 Sainsbury's 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 strictly observed you may be in breach of the lease. This could trigger the freeholder taking enforcement action against you.

Indemnity Insurance

If the transfer of equity is made pursuant to 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 Sainsbury's 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 Sainsbury's 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 finalisation of the transfer of equity transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with Sainsbury's Bank.

Preparing the Transfer of Equity with a Sainsbury's 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 Sainsbury's 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 Sainsburys Bank transfer of equity