Sample questions relating to State Bank of India UK transfer of equity
- I bought a house with my brother five.seven years ago Since then, we have both got married. We are now looking to do a transfer of equity so my name is removed the State Bank of India UK mortgage. There is a significant difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
- My ex are seeking to get a conveyancer in place for a refinance with State Bank of India UK. Transfer of Equity conveyancing is also neededI have used the different comparison based websites and the results are from all over England and Wales. How necessary is it to appoint a lawyer local to us?
- What should I be budgeting for when it comes to what conveyancing costs are for a transfer of equity? I need to transfer equity and remortgage - new loan with State Bank of India UK - and have been quoted £350 excluding VAT by State Bank of India UK's approved conveyancer, Have I been over quoted?
- Me and my partner jointly own a property in Crabtree
. Mortgage is with State Bank of India UK. I would like to transfer full ownership to him with no exchange of money but without using a conveyancing solicitor. Do you think this should be easy to so?
- I got divorced two years ago. For some reason I never dealt with the transfer ownership from both our names to my name alone. I am ready to do that and so is she. Transfer-of-equity is presumably the way forward. State Bank of India UK is content to transfer the property and loan in my name (affordability checks done). Does she need a solicitor?
- Can I transfer the equity held in my property with my State Bank of India UK mortgage?
- My mother died half a year ago leaving a loan-free bungalow to me and my step brother equally. He has always lived in the house, there was a provision in her will specifying that the propertycould not be sold for three years after her death so he could reside there for a while. He now wishes to remain in the premises beyond the prescribed period. We have considered a transfer of equity. Would I be right in thinking that we'd get a valuation then he'd get a mortgage in the traditional way to buy my half from me?
Sample of information requested in a conveyancer form concerning a State Bank of India UK Transfer of Equity
Who will be responsible for the costs of the Transfer of Equity?
Has one of the registered proprietors passed away? If so please supply us with a copy of the Death Certificate, Probate and a copy of the Will.
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)
Please let us know of you wish us to draw up a Declaration of Trust. If so are you willing to pay for the additional fee (beyond the Transfer of Equity fee)?
Please give the name(s) and addresse(s) of those who jointly own the premises with you?
Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?
Caveats to be read in further to the above State Bank of India UK transfer of equity Advice :
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 premises
If your property is leasehold, provisions in the lease may require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in breach of the lease. This could trigger the freeholder taking enforcement action against you.
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 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 conveyancing.
If you do not keep up the payments on your mortgage with State Bank of India UK your property may be repossessed.
Preparing the Transfer of Equity with a State Bank of India UK Mortgage
When it comes to preparing the the Land Registry documents your conveyancer 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 conveyancer 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.