Recently asked questions relating to Barclays plc transfer of equity

• My dad passed away last January leaving a mortgage-free semi to me and my step brother in equal shared. Having continues to reside at the house, there was a provision in the will specifying that the propertycould not be sold for three years after her passing so he could remain there for a while. He now wishes to remain in the house beyond the prescribed period. We have discussed a transfer of equity. Am I right in saying we'd get a valuation then he'd get a home loan in the usual way to purchase my equity?
• My existing home loan is with Barclays plc. Can I transfer equity to someone who is not yet 18 years old?
• I am completing a Barclays plc transfer of equity form and have arrived at the questions that asks about defaults etc. There are some debts that I have been paying off for a number of years, in fact they have long since disappeared from my credit records. Do I need to set these out?
• I am planning on removing a name from a joint mortgage and the Barclays plc require me to use a conveyancing solicitor to carry out the conveyancing. Can you recommend a reasonably priced Timperley conveyancer to deal with the transfer of equity? They need to be on the Barclays plc conveyancing panel.
• How and when do I incur the Stamp Duty Land Tax chargeable for the transfer of equity in my house in my name alone which is taking place at the same time as a refinancing via Barclays plc?
• In 2011 I bought a property without my wife's name on the deeds. My conveyancing solicitor advised it is because she was not in the mortgage with Barclays plc. I'm wondering is there any way that I can add her name on the title?
• My former husband are planning to get a conveyancing solicitor lined up for a refinance with Barclays plc. Transfer of Equity conveyancing is also requiredI have used the different comparison based websites and the results are from all over UK. Is it important to instruct a conveyancing solicitor local to us?

Questions that your lawyer is likely to ask regarding your Barclays plc Transfer of Equity

Caveats to be read in supporting the above Barclays plc transfer of equity Info :

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 Barclays plc conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

If your property is leasehold, 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 your covenants under 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 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 Barclays plc 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 Barclays plc 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 market value of the property at the time of completion of the transfer of equity conveyancing.

Preparing the Transfer of Equity with a Barclays plc 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 Barclays plc 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 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.