Examples of recent questions relating to State Bank of India UK transfer of equity
- I co-own a house in Wakefield
, with a State Bank of India UK loan with my ex partner. Him and his new partner are going to buy me out. We had approval from State Bank of India UK to replace my name with hers. The transfer of equity has to be done by a lawyer for State Bank of India UK (supposedly). In order to save fees can I deal with the Land Registry change?
- After 2 a couple of years separated I have decided to transfer my share of our former home to my husband who is refinancing with State Bank of India UK. Can a transfer of equity be done in 28 days?
- I understand we would need at least AP1 and Transfer Deed. Is this true?
- My decree absolute has gone through as is the consent order. Now I have to sort out the transfer of equity for the property and the State Bank of India UK mortgage. I have asked State Bank of India UK for the transfer of equity forms. What happens next?
- My dad died half a year ago leaving a unencumbered house to me and my step brother equally. Having continues to reside at the house, there was a condition in her will specifying that the housecould not be sold for 2 years following her passing so he could remain there for a specified time frame. He now wants to remain in the property beyond the specified period. We have discussed a transfer of equity. Would I be right in thinking that we'd get a valuation then he'd get a home loan in the conventional way to purchase my equity?
- I am completing a State Bank of India UK transfer of equity application and have come to the questions concerning defaults etc. I do some debts that I have been reducing for a number of years, I understand that they have long since disappeared from my credit score. Am I obliged to set these out?
- What are the average conveyancing charges are for a transfer of equity? I need to transfer equity and remortgage - new loan with State Bank of India UK - and have been quoted £350 excluding VAT by State Bank of India UK's appointed lawyer, Is this is a good price or not?
Information that may be required from your conveyancer may ask about your State Bank of India UK Transfer of Equity
Who will be responsible for the costs of the Transfer of Equity?
Has consent been obtained from State Bank of India UK to the proposed transfer of equity?
Is it the case that one of the registered owners passed away? If so please supply us with a copy of the Death Certificate, Probate and a copy of the Will.
Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you
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.
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?
Caveats to be read in conjunction with the above State Bank of India UK transfer of equity information :
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
If your property is leasehold, provisions in the lease may require that you have a license to do so from the landlord. If such terms are not adhered to you may be in violation 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 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 is dependent on the valuation of the property at finalisation 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 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.
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.