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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 a responsive conveyancing lawyer to assist in a transfer of equity and refinance with Secure Trust Bank. I really don't want to get ripped off and there are lots of conveyancing organisations who do transfer of equity conveyancing to pick from...who's the best?
  • I already have a home loan with Secure Trust Bank and am keeping my current mortgaging but applying to have have the equity transferred to my name only so my ex will be removed from the title. How long do Secure Trust Bank take to process the application?
  • What if my application doesn't meet Secure Trust Bank lending criteria for a transfer of equity?
  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with Secure Trust Bank?
  • My ex are seeking to get a conveyancer lined up for a new mortgage with Secure Trust Bank. Transfer of Equity conveyancing is also necessaryI have used the different comparison based websites and the results are from all over England and Wales. How necessary is it to have a lawyer local to us?
  • I am transferring my share of a property in Warwick to the other co-owners husband, they are reapplying to Secure Trust Bank. We are haggling as to who should cover the fees for the transfer of equity. Should this be split or is one party liable for the charges for?
  • I am in the process of removing a name from a joint mortgage and the Secure Trust Bank require me to use a conveyancing solicitor to carry out the legalities. Can you recommend a reasonably priced Littleborough conveyancing solicitor to deal with the transfer of equity? They need to be on the Secure Trust Bank conveyancing panel.

Information that may be required from your conveyancer is likely to ask regarding your Secure Trust Bank Transfer of Equity

Has one of the registered proprietors died? If so please supply us with a copy of all the relevant documents e.g. the will, death certificate etc..

Would you like us to draft you Declaration of Trust. If so are you willing to incur the additional fee (beyond the Transfer of Equity fee)?

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

Please provide a copy of your National Insurance Number?

Please list all persons who occupy the property, their respective ages and relationships to you.

Have you approached Secure Trust Bank to obtain consent to the Transfer of Equity

General Advice to read in in addition to the above Secure Trust Bank 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 Secure Trust Bank 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 obtain the consent of the freeholder. If such terms are not adhered to you may be in violation 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 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 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 market value of the property at finalisation of the transfer of equity transaction.
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 lawyer 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 provided on 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