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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.

Top seven questions relating to Secure Trust Bank transfer of equity

  • My former husband are looking to get a conveyancer lined up for a refinance with Secure Trust Bank. Transfer of Equity conveyancing is also neededI have used the different rating based services and the results are from all over UK. Do we need to have a conveyancer local to us?
  • When it comes to transfer of equity conveyancing involving refinance with Secure Trust Bank should I be paying VAT on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • I am answering a Secure Trust Bank transfer of equity application and have come to the part regarding debts etc. There are some debts that I have been reducing for a number of years, in fact they no longer remain my credit records. Am I obliged to set these out?
  • 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?
  • My ex-partner and I are in the market for an affordable conveyancing lawyer to assist in a transfer of equity and remortgage with Secure Trust Bank. I really don't want to get ripped off but with lots of conveyancing firms who do transfer of equity conveyancing out there...who's the best?
  • Secure Trust Bank have just agreed I can take over the home loan on the house. I previously applied for a transfer of equity but is this a transfer of ownership of the house on top?
  • I bought a flat with my cousin five.seven years ago Since buying the property, we have both got married. We are now intending to do a transfer of equity so my name is removed the Secure Trust Bank mortgage. There is a 30k difference between the value the lender say and what the property would sell for currently. Can you offer any advice?

Examples of questions in a conveyancing solicitor questionnaire concerning a Secure Trust Bank Transfer of Equity

Will there be any consideration monies passing between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive the same

Can you provide the details of anyone who jointly owns the premises with you?

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been formalised?

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

Where you are adding a person on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

Is it the case that 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..

Important warnings to consider in conjunction with 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 premises

If your property is leasehold, 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 conditions are not complied with you may be in breach of your covenants under the lease. This could potentially result in 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 market value of the property at the conclusion of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with Secure Trust Bank your property may be repossessed.

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.

Information contained within 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