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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.

Secure Trust Bank transfer of equity example support desk enquires

  • Me and my partner jointly own a flat in Sedgefield . Mortgage is with Secure Trust Bank. I wish to transfer full ownership to him with no payment of money but without using a lawyer. Is this likely to be straightforward?
  • The mortgage broker has recommended their conveyancing solicitor for the Transfer of Equity plus remortgage with Secure Trust Bank - Surely it’s easier to just use them?
  • How do I go about adding or removing names (transfer of equity) to or from my Secure Trust Bank mortgage account?
  • How and when do I pay stamp duty due for the transfer of equity in my home in my name alone which is happening at the same time as a refinancing via Secure Trust Bank?
  • I am planning on removing a name from a joint mortgage and the Secure Trust Bank need me to use a conveyancing solicitor to carry out the conveyancing. Can you recommend a reasonably priced Crabtree conveyancing solicitor to deal with the transfer of equity? They need to be on the Secure Trust Bank conveyancing panel.
  • What if my application doesn't meet Secure Trust Bank lending criteria for a transfer of equity?
  • Do I need legal representation when doing a transfer of equity where the home loan is to remain with Secure Trust Bank?

Questions that your conveyancer could ask about your Secure Trust Bank Transfer of Equity

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

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 provide a copy of your National Insurance Number?

Please let us know of you wish us to draft you Declaration of Trust. If so are you willing to incur the further fee (beyond the Transfer of Equity fee)?

Can you give the details of those who jointly own the premises with you?

Important warnings to consider in supplemental 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 have a requirement for notices to be served and that you have a license to do so from the landlord. If such terms are not adhered to you may be in breach of 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 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 is dependent on the valuation of the property at the time of completion 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 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