Examples of recent questions relating to State Bank of India UK transfer of equity
- What legal advice do I need when doing a transfer of equity where the mortgage is to remain with State Bank of India UK?
- Is there such a thing a transfer of equity stamp duty calculator?
- State Bank of India UK have just agreed I can take over the mortgage on the house. I have applied for a transfer of equity but is this a transfer of ownership at HMLR as well?
- Law month I separated from my ex of twenty years. I'm now living with my parents again and she wishes to remain in the apartment and pay me off. What portion am I entitled to. Is it half of the equity after redeeming the State Bank of India UK home loan? I assume proper valuations are required but I really need ensure that I'm getting what I am entitled to
- My father died last January leaving a unencumbered house to me and my step brother equally. Having continues to reside at the premises, there was a clause in her will specifying that the propertycould not be sold for three years after her death so he could reside there for a specified time frame. He now wants to remain in the house 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 mortgage in the conventional way to acquire my share?
- Me and my partner co-own a house in Blaenavon
. Home loan is with State Bank of India UK. I would like to transfer full ownership to him with no payment of money but without using a conveyancing solicitor. Do you think this should be straightforward?
- I purchased a flat with my cousin six years ago Since buying the property, we have both got married. We are now seeking to do a transfer of equity so my name is taken off the State Bank of India UK mortgage. There is a meaningful difference between the value the State Bank of India UK hold and what the property would sell for currently. Can you offer any advice?
Examples of information requested in a conveyancer form concerning a State Bank of India UK Transfer of Equity
We need you to supply the National Insurance Number(s) of all the new owners (required for completion of the SDLT Form)
Is it the case that one of the registered proprietors passed away? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..
Please give the details of anyone to be extracted from the property title?
Please let us know of you wish us to prepare Declaration of Trust. If so are you willing to pay for the additional fee (beyond the Transfer of Equity fee)?
Please provide the name(s) and addresse(s) of anyone who jointly owns the property with you?
Will there be any payment between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive the same
Information to consider in supplemental 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
Should the tenure of your property be leasehold, provisions in 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 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 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 varies based on the valuation of the property at the conclusion of the transfer of equity transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with State Bank of India UK.
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 conveyancing solicitor 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.