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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.

Recently asked questions relating to Santander transfer of equity

  • I am in the process of removing a name from a joint mortgage and the Santander require me to use a conveyancing solicitor to carry out the conveyancing. Can you recommend a reasonably priced Timperley lawyer to deal with the transfer of equity? They need to be on the Santander conveyancing panel.
  • When it comes to transfer of equity conveyancing involving a remortgage with Santander should I be charged VAT on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • My ex are planning to get a conveyancing solicitor lined up for a refinance with Santander. Transfer of Equity conveyancing is also requiredI have used the different rating based websites and the results are from all over the country. How necessary is it to instruct a conveyancing solicitor local to us?
  • I am under the impression we would need at least AP1 and TR1. Is this true?
  • Is it sensible to cancel my mortgage payments with Santander as soon as a date for my remortgage and transfer of equity has been agreed?
  • The financial adviser has suggested using their conveyancing solicitor for my Transfer of Equity plus remortgage with Santander - Surely it’s better to just use them?
  • I co-own a flat in Heathfield , with a Santander loan with my ex husband. He and his new partner are going to acquire my share. We had the go ahead from Santander to replace my name with hers. The transfer of equity has to be done by a lawyer for Santander (apparently). Can we deal with the Land Registry change?

Information that may be required from your conveyancing solicitor may ask in relation to your Santander Transfer of Equity

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

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?

Where you are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Please clarify if you are making any payment for the Transfer of Equity and to whom and give details of any such sums?

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

Please let us know of you wish us to draft you Declaration of Trust. If so are you happy to pay for the additional fee (beyond the Transfer of Equity fee)?

General Advice to read in conjunction with 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 premises

If your property is leasehold, 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 terms are not adhered to you may be in violation of the lease. This could trigger 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 conveyancing solicitor 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 valuation of the property at finalisation of the transfer of equity conveyancing.
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 conveyancing solicitor 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.


Frequently asked questions relating to Santander transfer of equity