Recently asked questions relating to State Bank of India UK transfer of equity

• I am searching for an affordable conveyancing solicitor to help me sell in a transfer of equity and refinance with State Bank of India UK. I I am fearful of being overcharged but with lots of conveyancing solicitors who do transfer of equity conveyancing out there...who do I opt for?
• Me and my partner co-own a flat in Heathfield . Home loan is with State Bank of India UK. I wish to transfer full ownership to him with no passing of money but without using a conveyancer. Do you think this should be simple?
• Is it sensible to stop the direct debit for my mortgage with State Bank of India UK as soon as a date for my remortgage and transfer of equity has been set?
• State Bank of India UK have just agreed I can take over the home loan on the flat. I had applied for a transfer of equity but presumably there is a transfer of ownership at HMLR in addition?
• Our financial adviser has suggested using their conveyancer for our Transfer of Equity plus remortgage with State Bank of India UK - won’t it be better to just instruct them?
• I am in the process of removing a name from a joint mortgage and the State Bank of India UK need me to use a conveyancer to carry out the conveyancing. Can you recommend a reasonably priced Littleborough conveyancing solicitor to deal with the transfer of equity? They need to be on the State Bank of India UK conveyancing panel.
• I am led to believe we would need at least AP1 and TR1. Is this true?

Examples of questions in a conveyancer form concerning a State Bank of India UK Transfer of Equity

Caveats to be read in in addition to the above State Bank of India UK 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 State Bank of India UK 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 obtain the consent of the landlord. If such conditions are not strictly observed you may be in violation 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 lawyer 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 conclusion of the transfer of equity conveyancing.

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 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.