Questions and answers: Secure Trust Bank transfer of equity

• How much the typical conveyancing fees are for a transfer of equity? I'm in the process of remortgaging - moving over to Secure Trust Bank - and have been quoted £250 excluding VAT by Secure Trust Bank's approved conveyancing solicitor, Is this is a good price or not?
• My former wife are planning to get a conveyancer lined up for a refinance with Secure Trust Bank. Transfer of Equity conveyancing is also necessaryI have used the different rating based services and the results are from all over England and Wales. Do we need to have a lawyer local to us?
• My mortgage broker has recommended their lawyer for the Transfer of Equity plus remortgage with Secure Trust Bank - Is it not simpler advisable to just instruct them?
• My Secure Trust Bank home loan we jointly entered into with ex, he is agreeable to come off the deeds and put the house in my name alone. Secure Trust Bank have consented to the transfer of equity to me solely. Do Secure Trust Bank call my boss to verify my salary?
• I am led to believe we would need at least AP1 and Transfer Deed. Is this true?
• My ex-fiance and I are in the market for a trustworthy conveyancing solicitor to help me sell in a transfer of equity and remortgage with Secure Trust Bank. I I am concerned about by bill escalating out of control and there's plenty conveyancing organisations who do transfer of equity conveyancing out there...who do I opt for?
• I am in the process of mortgaging my apartment in Timperley does my lawyer need to be on the Secure Trust Bank Conveyancing panel. The conveyancing also involves a transfer of equity.

Examples of questions in a conveyancer form relating to Secure Trust Bank Transfer of Equity

Important warnings to consider in supplemental 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, the lease may require that you obtain the consent of the landlord. If such terms are not adhered to 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 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 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 varies based on the valuation of the property at finalisation of the transfer of equity transaction.

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.

Content 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.