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Are you in need of a Transfer of Equity with a Secure Trust Bank PLC mortgage? Failing to check that a lawyer is on the Secure Trust Bank PLC 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.

Sample questions relating to Secure Trust Bank transfer of equity

  • Do I need legal representation when doing a transfer of equity where the mortgage is to remain with Secure Trust Bank?
  • Is it sensible to stop my mortgage payments with Secure Trust Bank once a date for my remortgage and transfer of equity has been agreed?
  • I plan to refinance my flat in Ampthill moving from Halifax to Secure Trust Bank. The maisonette is jointly owned but propose for it to be in my sole name as and when I switch. My former partner has verbally consented to this and is willing to sign a form but neither of us want to get a second conveyancer involved.
  • My partner and myself have 50:50 shares in a BTL. I am a higher rate tax payer. Ideally I would like to do a transfer of equity to her sole name with a view to mitigate tax on the letting income. If Secure Trust Bank are content with this the legal fees are not prohibitive. However what happens when we dispose of the property? As I would no longer be on the deeds would I lose my CGT relief.
  • What do I need to do when it comes adding or subtracting names (transfer of equity) to or from my Secure Trust Bank mortgage account?
  • Secure Trust Bank have today agreed I can take over the mortgage on my home. I have applied for a transfer of equity but presumably there is a transfer of ownership at HMLR in addition?
  • Me and a friend got a joint mortgage with Secure Trust Bank on a apartment in 2013. I am now looking to get a property by myself and my friend would like to buy me out. Once we have agreed a price what happens next? Would there be any potential concerns with Secure Trust Bank with him being responsible for the total loan as opposed to only part of it?

Sample of questions in a conveyancer questionnaire relating to Secure Trust Bank Transfer of Equity

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

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

Please give the details of anyone to be removed from the title deeds?

Is the transfer of equity subject to a court order? If yes please supply a copy

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

General Advice to read in supporting the above Secure Trust Bank transfer of equity Advice :

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 titles

If your property is leasehold, the lease may require that you obtain the consent of 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 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 conveyancing solicitor 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 finalisation 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 conveyancer 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 provided 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 Secure Trust Bank transfer of equity