Examples of recent questions relating to Banks and Clients transfer of equity

• Having been a number of years apart I have opted to give up my interest in our property to my husband who is re-mortgaging with Banks and Clients. Could this transfer of equity be completed in less than 28 days?
• Am I best advised stop the direct debit for my mortgage with Banks and Clients once a date for my remortgage and transfer of equity has been set?
• Is stamp duty payable when it comes to an transfer of equity with a mortgage with Banks and Clients?
• The mortgage broker has recommended their conveyancer for my Transfer of Equity plus remortgage with Banks and Clients - Surely it’s better to just use them?
• Is it possible to apply to borrow more money from Banks and Clients as part of a Transfer of Equity?
• I own a flat in Witham , with a Banks and Clients loan with my ex partner. He and his fiance are going to acquire my share. We had consent from Banks and Clients to substitute my name with hers. The transfer of equity has to be done by a lawyer for Banks and Clients (apparently). Is it possible for us to do the Land Registry change?
• My divorce has gone through as is the consent order. Now I must address the transfer of equity for the property and the Banks and Clients home loan. I have asked Banks and Clients for the transfer of equity forms. What are my next steps?

Information that may be required from your conveyancing solicitor may ask about your Banks and Clients Transfer of Equity

Information to consider in further to the above Banks and Clients 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 Banks and Clients 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 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 violation of the lease. This could potentially result in 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 Banks and Clients 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 Banks and Clients 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 market value of the property at the conclusion of the transfer of equity conveyancing.

Preparing the Transfer of Equity with a Banks and Clients 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 Banks and Clients 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 provided 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.