LenderPanel.com

Find a Law Firm for your Transfer of Equity approved by
State Bank of India UK

Questions and answers: State Bank of India UK transfer of equity

  • My existing home loan is with State Bank of India UK. Can I transfer equity to someone under 18 years old?
  • What is the process for having a person removed from the title documents to a house if the home loan is with State Bank of India UK
  • My State Bank of India UK mortgage we jointly entered into with ex, he is agreeable to come off the mortgage and let me have the property. State Bank of India UK have consented to the transfer of equity to me solely. Do State Bank of India UK write my employer to verify my salary?
  • What are my options where I am not happy with the lawyer who handled my transfer of equity transaction?
  • Me and a friend got a joint mortgage with State Bank of India UK on a property about a year ago. I am now looking to get a apartment by myself and my friend would like to buy me out. On the basis that we can settle on a price where do we go? Would there be any potential issue with State Bank of India UK with him being solely liable for the total loan rather than only half of it?
  • Will I incur any charges for a Transfer of Equity where the existing mortgage is with State Bank of India UK?
  • My divorce has gone through as is the consent order. Now I must deal with the transfer of equity on title deeds and the State Bank of India UK mortgage. I have called State Bank of India UK for the transfer of equity forms. What happens next?

Questions that your conveyancing solicitor could ask in relation to your State Bank of India UK Transfer of Equity

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?

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

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

Where you are adding someone on to the property how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

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

Please inform us where you are providing any payment for the Transfer of Equity and to whom and disclose any such sums?

Information to consider in in addition to the above State Bank of India UK transfer of equity Advice :

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

Should the tenure of your property be 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 breach 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 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 conveyancing solicitor 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 is dependent 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.

Information contained within 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.


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