Top seven questions relating to Santander transfer of equity
- In 2013 I bought a house without my partner's name on the title. My conveyancer said it is because she is not in the mortgage with Santander. I'm wondering is there any way that I can add her name on the title?
- I am completing a Santander transfer of equity application and have come to the questions that asks about debts etc. I do some debts that I have been paying off since 2009, I understand that they no longer remain my credit score. Do I need to reveal these?
- Have recently separated from my partner of twenty years. I'm now living with my parents again and she wants to stay in the apartment and buy me out. What portion am I entitled to. Is it half of the equity after redeeming the mortgage with Santander? I assume proper valuations are necessary but I really need to be confident that I'm getting I am not being taken advantage of
- Can you tell me how to have a person removed from the deeds to a property if the home loan is with Santander
- I jointly own a house in Ampthill , with a Santander loan with my ex partner. He and his new partner are going to acquire my share. We had the go ahead from Santander to substitute my name with hers. The transfer of equity needs to be completed by a conveyancer for Santander (supposedly). Is it possible for us to do the Land Registry change?
- My decree absolute has gone through as is the consent order. Now I have to address the transfer of equity for the property and the Santander home loan. I have called Santander for the transfer of equity forms. What do I do now?
- I bought a flat with my cousin six years ago Since then, we have both got married. We are now seeking to do a transfer of equity so my name comes off the Santander mortgage. There is a significant difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
Sample of questions in a conveyancer form relating to Santander Transfer of Equity
Who will be responsible for the costs of the Transfer of Equity?
Please confirm if you are providing any payment for the Transfer of Equity and to whom and disclose any such sums?
Has consent been obtained from Santander to the proposed transfer of equity?
Please provide the details of anyone to be removed from the title deeds?
Please provide the details of anyone to be added to the property title?
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?
Caveats to be read in supplemental the above Santander transfer of equity Advice :
Tax and Legal
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 Santander conveyancing panel and accountant before transferring equity.
Transfer of Equity Conveyancing for Leasehold premises
Should the tenure of your property be 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 trigger the freeholder taking enforcement action against you.
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 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 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 varies based on the market value 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 Santander.
Preparing the Transfer of Equity with a Santander Mortgage
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 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 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.