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Are you in need of a Transfer of Equity with a State Bank of India UK mortgage? Failing to check that a lawyer is on the State Bank of India UK list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

State Bank of India UK transfer of equity example support desk enquires

  • My mum passed away seven months ago leaving a unencumbered semi to me and my half brother in equal shared. Having continues to reside at the premises, there was a condition in the will specifying that the premisescould not be sold for 2 years following her passing so he could continue to live there for a prescribed period. He now wishes to remain in the premises beyond the prescribed period. We have discussed a transfer of equity. Am I right in saying we should get a valuation then he'd get a home loan in the conventional way to buy my share?
  • I understand we would need at least AP1 and TR1. Is this true?
  • When it comes to transfer of equity conveyancing involving a remortgage with State Bank of India UK should I be charged 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
  • How much the typical conveyancing charges are for a transfer of equity? I'm in the process of remortgaging - new loan with State Bank of India UK - and have been quoted Three Hundred pounds excluding VAT by State Bank of India UK's appointed lawyer, Have I been over quoted?
  • I co-own a house in Friern Barnet , with a State Bank of India UK loan with my ex husband. He and his fiance are going to acquire my share. We had the go ahead from State Bank of India UK to replace my name with hers. The transfer of equity has to be completed by a lawyer for State Bank of India UK (supposedly). Is it possible for us to deal with the Land Registry formalities?
  • What are my options where I am not happy with the lawyer who did my transfer of equity conveyancing?
  • Is it possible to apply to borrow more money from State Bank of India UK as part of a Transfer of Equity?

Sample of information requested in a conveyancing solicitor questionnaire relating to State Bank of India UK Transfer of Equity

Where you are adding someone on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?

Who will be responsible for the costs of the Transfer of Equity?

Can you provide the details of anyone who jointly owns the property with you?

Would you like us to draft you Declaration of Trust. If so are you willing to pay for the additional fee (beyond the Transfer of Equity fee)?

Is there to 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 what figure

Important warnings to consider 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 have a requirement for notices to be served and 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 potentially result in the freeholder taking enforcement action against you.

Indemnity Insurance

If the transfer of equity is made pursuant to 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 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 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 does not constitute 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.


Frequently asked questions relating to State Bank of India UK transfer of equity