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Are you in need of a Transfer of Equity with a State Bank of India UK mortgage? Failing to check that a lawyer is on the State Bank of India UK 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.

State Bank of India UK transfer of equity: q and a’s

  • My ex are seeking to get a conveyancer lined up 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 instruct a lawyer local to us?
  • Can I apply to borrow more money from State Bank of India UK as part of a Transfer of Equity?
  • How do I go about adding or subtracting names (transfer of equity) to or from my State Bank of India UK mortgage account?
  • My father passed away last January leaving a unencumbered house to me and my brother equally. Having continues to reside at the house, there was a condition in the will saying the premisescould not be sold for three years after her passing so he could remain there for a while. He now says he would like to remain in the premises beyond the specified period. We have discussed a transfer of equity. Am I right in saying we'd get a valuation then he'd get a home loan in the usual way to acquire my share?
  • How and when do I incur the Stamp Duty Land Tax due for the transfer of equity in my property in my sole name which is happening at the same time as a remortgage with State Bank of India UK?
  • I am completing a State Bank of India UK transfer of equity request and have arrived at the questions regarding debts etc. There are some debts that I have been clearing since 2009, I understand that they have long since disappeared from my credit rating. Am I obliged to reveal these?
  • Me and a friend got a joint mortgage with State Bank of India UK on a house a couple of years ago. I am now looking to get a property by myself and my friend would like to buy me out. Assuming we can agree a figure where do we go? Would there be any potential problem with State Bank of India UK with him being on the hook for the total loan rather than only part of it?

Questions that your conveyancer may ask regarding your State Bank of India UK Transfer of Equity

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

Please list all persons who occupy the property, their respective ages and relationships to you.

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

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

Where you are adding a person 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.

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?

General Advice to read in conjunction with 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 terms are not adhered to 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 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 is dependent on the market value 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 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 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.


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