State Bank of India UK transfer of equity: q and a’s
- I am led to believe we would need at least AP1 and Transfer Deed. Is this true?
- Two years ago I purchased a property without my partner's name on the title documents. My conveyancer said it is due to the fact that she was not in the mortgage with State Bank of India UK. Is it possible for me to put her name on the documents at HMLR?
- My divorce is through as is the consent order. Now I must address the transfer of equity for the property and the State Bank of India UK home loan. I have called State Bank of India UK for the transfer of equity application. What are my next steps?
- When it comes to transfer of equity conveyancing involving a remortgage with State Bank of India UK should I be charged value added tax on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
- I own a apartment in Wakefield
, with a State Bank of India UK loan with my ex husband. Him and his new partner are going to buy me out. We had consent from State Bank of India UK to remove my name with hers. The transfer of equity needs to be completed by a conveyancer for State Bank of India UK (apparently). In order to save fees can I deal with the Land Registry formalities?
- I am am in need of a lawyer to deal with my transfer of equity. State Bank of India UK have been approached for a remortgage. I thought of asking my mortgage broker. I am lead to believe he may receive a kickback for recommending someone, but also of benefit will be that he knows the conveyancer, has a working relationship with them. Any flaws you see in this way of thinking?
- Having been 4 years separated I have made the decision to give up my share of our flat to my husband who is refinancing with State Bank of India UK. Could this transfer of equity be done within one month?
Examples of questions in a conveyancer questionnaire concerning a State Bank of India UK Transfer of Equity
If are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?
Please give the details of those who jointly own the premises with you?
Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?
If you are adding someone on to the title deeds how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.
Please give the name(s) and addresse(s) of anyone to be added to the property title?
Please provide a copy of your National Insurance Number?
Important warnings to consider in conjunction with the above State Bank of India UK transfer of equity information :
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 have a requirement for notices to be served and that you obtain the consent of the freeholder. If such terms are not adhered to 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 market value of the property at the conclusion 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 conveyancing solicitor 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 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.