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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.

Frequently asked questions relating to Santander transfer of equity

  • What are my options where I am dissatisfied with the lawyer who carried out our transfer of equity transaction?
  • I am looking for a lawyer to undertake my transfer of equity. Santander have been approached for a refinancing. I considered asking my mortgage broker. I understand he may get a referral fee for recommending someone, but also of benefit will be that he knows the conveyancing solicitor, has a working relationship with them. Any flaws you see in this way of thinking?
  • Is it possible to transfer the equity held in my property with my Santander home loan?
  • My former husband are looking to get a lawyer in place for a new mortgage with Santander. Transfer of Equity conveyancing is also necessaryI have used the different rating based tools and the results are from all over the country. Is it important to instruct a conveyancer local to us?
  • I co-own a flat in Friern Barnet , with a Santander loan with my former husband. He and his fiance are going to buy me out. We had the go ahead from Santander to remove my name with hers. The transfer of equity needs to be completed by a conveyancing solicitor for Santander (apparently). Can we do the Land Registry change?
  • Santander yesterday agreed I can take over the home loan on my home. I previously applied for a transfer of equity but is this a transfer of ownership at the Land Registry on top?
  • Law week I separated from my ex of thirty years. I'm now back with my mum and dad and she wants to remain in the flat and buy me out. What portion do I get. Is it half of the equity after paying off the mortgage with Santander? I assume proper valuations are necessary but I would like to be sure that I'm getting the best deal

Sample of questions in a lawyer form concerning a Santander Transfer of Equity

Please provide a copy of your National Insurance Number?

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

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?

Has one of the registered owners died? If so please supply us with a copy of all the relevant documents e.g. the will, death certificate etc..

Where you are adding a person on to the property how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

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

Important warnings to consider in supporting 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 properties

If your property is leasehold, provisions in the lease may require that you have a license to do so from the freeholder. If such conditions are not complied with you may be in violation of the lease. This could potentially result in 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 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 valuation of the property at the conclusion of the transfer of equity transaction.
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 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 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 Santander transfer of equity