Sample questions relating to State Bank of India UK transfer of equity
- Been reviewing online blogs that solicitors are more expensive than licensed conveyancers for transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor if I need to be transferring equity and simultaneously remortgaging with State Bank of India UK
- What are the average legal costs are for a transfer of equity? I'm in the process of remortgaging - moving over to State Bank of India UK - and have been quoted £250 plus VAT by State Bank of India UK's appointed conveyancing solicitor, Is this a reasonable price?
- I got divorced in 2011. I simply 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 needed. State Bank of India UK is willing to transfer the full equity in my name (financial checks done). Does she need any legal representation?
- I plan to refinance my home in Wakefield
changing from HSBC to State Bank of India UK. The maisonette is jointly owned but propose for it to be in my sole name when I switch. My former partner is OK with this and is happy to transfer equity but neither of us want to get a second lawyer involved.
- When it comes to transfer of equity conveyancing involving a remortgage with State Bank of India UK should I be paying VAT 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
- My partner and I co-own a property in Littleborough
. Mortgage is with State Bank of India UK. I want to transfer full ownership to him with no exchange of money but without using a conveyancer. Do you think this should be simple?
- In 2011 I purchased a house without my fiance’s name on the ownership paperwork. My conveyancing solicitor said it is due to the fact that she is not in the loan offer with State Bank of India UK. Is it possible for me to put her name on the title?
Questions that your conveyancing solicitor could ask about your State Bank of India UK Transfer of Equity
Please let us know of you wish us to draft you Declaration of Trust. If so are you happy to incur the additional fee (beyond the Transfer of Equity fee)?
Is the transfer of equity subject to a court order? If yes please supply a copy
Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you
Please confirm where you are making any payment for the Transfer of Equity and to whom and give details of the amount?
Who will be responsible for the costs of the Transfer of Equity?
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?
Information to consider in conjunction with the above State Bank of India UK transfer of equity Questions and Answers :
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 obtain the consent of the landlord. If such terms are not adhered to you may be in breach of the lease. This could potentially result in 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 lawyer 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 time of completion 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 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 lawyer 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.