LenderPanel.com

Find a Law Firm approved by
Santander

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.

Questions and answers: Santander transfer of equity

  • I am looking for a lawyer to deal with my transfer of equity. Santander have been approached for a refinancing. I thought of asking my financial adviser. I am lead to believe he may get a kickback for suggesting a firm, but also of benefit will be that he knows the lawyer, has dealt with them before. Any flaws you see in this way of thinking?
  • My financial adviser has suggested using their conveyancer for the Transfer of Equity plus remortgage with Santander - won’t it be advisable to just use them?
  • I am in the process of removing a name from a joint mortgage and the Santander need me to use a conveyancer to carry out the legalities. Can you recommend a reasonably priced Friern Barnet conveyancer to deal with the transfer of equity? They need to be on the Santander conveyancing panel.
  • What if my application doesn't meet Santander lending criteria for a transfer of equity?
  • Is there such a thing a transfer of equity stamp duty calculator?
  • I am selling my equity in property in Hendon to the other co-owners fiance, they are reapplying to Santander. We are in heated discussion as to who must pay the fees for the transfer of equity. Should this be split or is one of us obliged to cover the costs of?
  • My brother and I got a joint mortgage with Santander on a flat a couple of years ago. I am now thinking of purchasing a house on my own and my friend would like to buy me out. Assuming we can agree an amount what happens next? Is there likely to be any concerns with Santander with him being solely liable for the total mortgage rather than only part of it?

Examples of information requested in a conveyancing solicitor questionnaire relating to Santander Transfer of Equity

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

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

Has consent been obtained from Santander to the proposed 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?

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

Please give the details of anyone to be added to the title deeds?

Information to consider in supplemental the above Santander transfer of equity Questions and Answers :

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

Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in violation 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 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 market value of the property at finalisation 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 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 lawyer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Content on 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