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

Examples of recent questions relating to Santander transfer of equity

  • As things stand I have a joint Santander mortgage with my brother and am looking into the feasibility of him taking on the outstanding mortgage and removing myself from it, so as to enable me to buy somewhere with my fiance. The outstanding mortgage is approx 250k, and the property value is about 500k. Is this a transfer of equity? Is stamp duty due?
  • How and when do I incur the Stamp Duty Land Tax payable for the transfer of equity in my house in my name alone which is happening at the same time as a remortgage via Santander?
  • I am selling my share of a house in Birmingham to the other co-owners husband, they are sticking with Santander as the the existing lender. We are debating as to who should cover the fees for the transfer of equity. Is this usually split or is one of us liable for the fees for?
  • How do I go about adding or subtracting names (transfer of equity) to or from my Santander mortgage account?
  • Will I have to pay any fees for a Transfer of Equity where the current home loan is with Santander?
  • Given that we have been 3 years separated I have made the decision to give up my interest in the former home to my husband who is refinancing with Santander. Could this transfer of equity be done in four weeks?
  • I am planning on removing a name from a joint mortgage and the Santander require me to use a conveyancer to carry out the conveyancing. Can you recommend a reasonably priced Miles Platting lawyer to deal with the transfer of equity? They need to be on the Santander conveyancing panel.

Questions that your lawyer may ask in relation to your Santander Transfer of Equity

Is it the case that one of the registered proprietors died? If so please forward us with a copy of the Death Certificate, Probate and a copy of the Will.

Please give the name(s) and addresse(s) of anyone to be removed from the title deeds?

Please confirm if you are making any payment for the Transfer of Equity and to whom and disclose the amount?

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

Is the transfer of equity subject to a court order? If yes please supply a copy

If you are adding someone on to the title deeds how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

Caveats to be read in further to the above Santander 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 Santander conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

If your property is leasehold, provisions in 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 conditions are not strictly observed you may be in breach 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 lawyer will check with Santander 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 Santander 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 market value of the property at the conclusion of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with Santander your property may be repossessed.

Preparing the Transfer of Equity with a Santander 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 Santander 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 conveyancing solicitor 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 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 Santander transfer of equity