LenderPanel.com

Find a Law Firm for your Transfer of Equity approved by
Secure Trust Bank

Examples of recent questions relating to Secure Trust Bank transfer of equity

  • Me and my former partner and I are are looking to find an affordable conveyancing lawyer to help me sell in a transfer of equity and refinance with Secure Trust Bank. I want to avoid being ripped off and there are plenty conveyancing solicitors who do transfer of equity conveyancing out there...how do I know which one to select?
  • My fiance and I jointly own a buy to let. I am a top rate tax payer. Preferably I wish to complete a transfer of equity to her sole name to reduce our tax on the letting income. Assuming Secure Trust Bank are content with this the legal fees are not high. However what happens when we dispose of the property? Would my GGT relief be lost.
  • My ex are looking to get a conveyancer lined up for a new mortgage with Secure Trust Bank. Transfer of Equity conveyancing is also neededI have used the different rating based tools and the results are from all over England and Wales. How necessary is it to instruct a conveyancer local to us?
  • I am hoping to remortgage my flat in Ampthill moving from Virgin Money to Secure Trust Bank. The home is jointly owned but wish for it to be in my sole name when I transfer. My wife has agreed to this and is willing to sign a form but neither of us want to incur conveyancer charges.
  • What if my application doesn't meet Secure Trust Bank lending criteria for a transfer of equity?
  • As things stand I have a joint Secure Trust Bank mortgage with my step-brother and am looking into the possibility of him taking on the outstanding mortgage and extracting myself from it, to enable me to purchase a place with my soon-to-be-wife. The outstanding mortgage is in the region 250k, and the property value is about 500k. Is this a transfer of equity? Is land tax due?
  • What can I do where I am unhappy with the conveyancing solicitor who handled my transfer of equity conveyancing?

Sample of questions in a conveyancing solicitor form concerning a Secure Trust Bank Transfer of Equity

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

Please let us know if you are providing any payment for the Transfer of Equity and to whom and give details of any such sums?

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

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

Would you like us to prepare Declaration of Trust. If so are you happy to incur the further fee (beyond the Transfer of Equity fee)?

Is it the case that one of the registered owners died? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..

Information to consider in conjunction with the above Secure Trust Bank transfer of equity information :

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 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 have a requirement for notices to be served and that you have a license to do so from the freeholder. If such conditions are not complied with you may be in breach of your covenants under 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 conveyancer 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 is dependent on the valuation 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 conveyancing solicitor 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 Secure Trust Bank transfer of equity