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Secure Trust Bank

Sample questions relating to Secure Trust Bank transfer of equity

  • Secure Trust Bank yesterday agreed I can take over the mortgage on the flat. I previously applied for a transfer of equity but presumably there is a transfer of ownership of the title deeds on top?
  • Is there such a thing a transfer of equity stamp duty calculator?
  • I am in the process of removing a name from a joint mortgage and the Secure Trust Bank require me to use a conveyancer to carry out the conveyancing. Can you recommend a reasonably priced Crabtree lawyer to deal with the transfer of equity? They need to be on the Secure Trust Bank conveyancing panel.
  • My current mortgage is with Secure Trust Bank. Can I transfer equity to someone who is not yet 18 years old?
  • When it comes to transfer of equity conveyancing involving a remortgage with Secure Trust Bank should I be invoiced value added tax 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
  • I am considering refinancing my flat in Ampthill does my lawyer need to be on the Secure Trust Bank Solicitor panel. The conveyancing also involves a transfer of equity.
  • I already have a home loan with Secure Trust Bank and am maintaining my existing mortgaging but wish to have it in my name only so my former husband won't be on it any longer. How long can it take for the paperwork to be processed?

Information that may be required from your lawyer may ask in relation to your Secure Trust Bank Transfer of Equity

Please give the details of anyone to be extracted from the property title?

If are going to hold 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 state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been formalised?

Please give the name(s) and addresse(s) of those who jointly own the property with you?

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

Information to consider in further to the above Secure Trust Bank transfer of equity Questions and Answers :

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 Secure Trust Bank 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 obtain the consent of the freeholder. 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 pursuant to 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 Secure Trust Bank 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 Secure Trust Bank 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 conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Secure Trust Bank.

Preparing the Transfer of Equity with a Secure Trust Bank 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 Secure Trust Bank 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.

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 Secure Trust Bank transfer of equity