LenderPanel.com

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

Sample questions relating to Secure Trust Bank transfer of equity

  • After three years separated I have opted to transfer my interest in our house to my husband who is re-mortgaging with Secure Trust Bank. Could this transfer of equity be done inside four weeks?
  • My current home loan is with Secure Trust Bank. Can I transfer equity to someone under eighteen years old?
  • 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 decree absolute has gone through as is the consent order. Now I need to deal with the transfer of equity on title deeds and the Secure Trust Bank mortgage. I have asked Secure Trust Bank for the transfer of equity forms. What do I do now?
  • I got divorced in 2012. For some reason I never dealt with the change the ownership from the current 'joint' status to just in my name. I now plan to deal with it and there are no objections. Transfer-of-equity is needed. Secure Trust Bank is happy to transfer the full equity in my name (financial checks done). Does my ex need a lawyer?
  • What is the process for having a person removed off the deeds to a property where the mortgage is with Secure Trust Bank

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

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

Please provide a copy of your National Insurance Number?

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

Please clarify where you are providing any payment for the Transfer of Equity and to whom and give details of any such sums?

Who will be responsible for the costs of the Transfer of Equity?

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

Information to consider in further 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 titles

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 restrictions are not strictly observed you may be in violation of 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 is dependent on the valuation of the property at the conclusion 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 conveyancing solicitor should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Content 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