Sample questions relating to State Bank of India UK transfer of equity
- I am hoping to refinance my apartment in Romsey
switching from Lloyds TSB to State Bank of India UK. The flat is currently in joint names but intend for it to be in my sole name when I remortgage. My husband has verbally consented to this and is happy to transfer equity but neither of us want to get a second conveyancing solicitor involved.
- I already have a mortgage with State Bank of India UK and am keeping my existing mortgaging but wish to have it in my name only so my ex won't be on it any longer. How long can it take for the application to be processed?
- When it comes to transfer of equity conveyancing involving refinance with State Bank of India UK should I be invoiced value added tax on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
- What legal advice do I need when doing a transfer of equity where the home loan is to remain with State Bank of India UK?
- My partner and myself jointly own a BTL. I am a higher rate tax payer. Preferably I would like to complete a transfer of equity to her sole name in order reduce our tax on rental income. If State Bank of India UK are fine with this the legal fees are not prohibitive. What are the implications when we sell? Would my GGT relief be lost.
- I got my Decree Absolute three years ago. Foolishly I never got around to transfer ownership from both our names to my sole name. I am ready to do that and so is she. Transfer-of-equity is presumably the way forward. State Bank of India UK is happy to transfer the full equity in my name (affordability checks done). Does my ex need a lawyer?
- What is the process for having someone removed off the title documents to a property where the home loan is with State Bank of India UK
Information that may be required from your conveyancing solicitor could ask about your State Bank of India UK Transfer of Equity
Have you approached State Bank of India UK to obtain consent to the Transfer of Equity
Please provide the name(s) and addresse(s) of anyone to be added to the property title?
Is the transfer of equity subject to a court order? If yes please supply a copy
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.
Please provide the details of anyone to be extracted from the property title?
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?
General Advice to read in further to the above State Bank of India UK transfer of equity Info :
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 premises
Should the tenure of your property be leasehold, provisions in the lease may require that you have a license to do so from the landlord. 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.
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 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 transaction.
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 provided 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.