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State Bank of India UK

Common questions relating to State Bank of India UK transfer of equity

  • My partner and I co-own a house in Heathfield . Mortgage is with State Bank of India UK. I want to transfer full ownership to him with no exchange of money but without using a lawyer. Do you think this should be simple?
  • Can I apply to borrow a further advance from State Bank of India UK as part of a Transfer of Equity?
  • I am in the process of removing a name from a joint mortgage and the State Bank of India UK require me to use a conveyancer to carry out the conveyancing. Can you recommend a reasonably priced Winchelsea conveyancing solicitor to deal with the transfer of equity? They need to be on the State Bank of India UK conveyancing panel.
  • What legal advice do I need when doing a transfer of equity where the mortgage is to remain with State Bank of India UK?
  • Is it possible to transfer the equity held in my property with my State Bank of India UK mortgage?
  • What if my application doesn't meet State Bank of India UK lending criteria for a transfer of equity?
  • In 2012 I purchased a flat without my partner's name on the ownership paperwork. My lawyer advised it is due to the fact that she is not in the loan offer with State Bank of India UK. I'm wondering is there any way that I can put her name on the deeds?

Examples of information requested in a lawyer questionnaire relating to State Bank of India UK Transfer of Equity

Has consent been obtained from State Bank of India UK to the proposed transfer of equity?

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

We need you to provide the National Insurance Number(s) of all the new owners (required for completion of the Stamp Duty Land Tax Form)

If you are adding a person on to the title deeds how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

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

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 what figure

Caveats to be read in further to the above State Bank of India UK 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 State Bank of India UK 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 have a license to do so from the freeholder. If such conditions are not strictly observed you may be in violation 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 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 conveyancer will check with State Bank of India UK 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 State Bank of India UK 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 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 State Bank of India UK.

Preparing the Transfer of Equity with a State Bank of India UK 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 State Bank of India UK 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 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 State Bank of India UK transfer of equity