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State Bank of India UK

Sample questions relating to State Bank of India UK transfer of equity

  • Having been 4 years estranged I have made the decision to transfer my share of our apartment to my husband who is re-mortgaging with State Bank of India UK. Could this transfer of equity be done within one month?
  • Am I best advised stop the direct debit for my mortgage with State Bank of India UK as soon as a date for my remortgage and transfer of equity has been set?
  • How and when do I pay stamp duty chargeable for the transfer of equity in my property in my sole name which is happening at the same time as a refinancing via State Bank of India UK?
  • I currently have a joint State Bank of India UK mortgage with my cousin and am investigating the option of him assuming responsibility for the outstanding mortgage and removing myself from it, so as to enable me to buy somewhere with my soon-to-be-wife. The outstanding mortgage is about 300k, and the property value is approx 500k. Is this a transfer of equity? Is land tax payable?
  • I already have a mortgage with State Bank of India UK and am maintaining my existing mortgaging but applying to have have the equity transferred to my name only so my former wife won't be on it any longer. How long do State Bank of India UK take to process the application?
  • My State Bank of India UK mortgage we jointly entered into with ex, who is agreeable to come off the deeds and let me have the property. State Bank of India UK have consented to the transfer of equity to my individual name. Do State Bank of India UK contact my boss to verify my salary?
  • Is it possible to apply to request more money from State Bank of India UK as part of a Transfer of Equity?

Information that may be required from your conveyancer could ask regarding your State Bank of India UK Transfer of Equity

Please provide 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?

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

Has consent been obtained from State Bank of India UK to the proposed transfer of equity?

Please clarify where you are providing any payment for the Transfer of Equity and to whom and give details of the amount?

Please give the name(s) and addresse(s) of anyone to be extracted from the title deeds?

Important warnings to consider in in addition to 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 titles

If your property is leasehold, provisions in the lease may require that you obtain the consent of the landlord. If such conditions are not complied with you may be in breach of the lease. This could trigger the freeholder taking enforcement action against you.

Indemnity Insurance

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 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 conveyancing.
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 lawyer 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 conveyancer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Information provided 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.


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