Barclays plc transfer of equity: q and a’s

• My decree absolute is through as is the consent order. Now I have to address the transfer of equity at the land registry and the Barclays plc mortgage. I have contacted Barclays plc for the transfer of equity forms. What do I do now?
• When it comes to transfer of equity conveyancing involving refinance with Barclays plc should I be charged VAT on the following: (1) Land Registry 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 fees are for a transfer of equity? I'm in the process of remortgaging - moving over to Barclays plc - and have been quoted Three Hundred pounds plus VAT by Barclays plc's approved conveyancer, Have I been over quoted?
• Have recently separated from my wife of 18 years. I'm now back with my mum and dad and she wants to stay in the flat and buy me out. What portion am I entitled to. Is it 50% of the equity after redeeming the mortgage with Barclays plc? I assume proper valuations are required but I would like ensure that I'm getting I am not being walked over
• I plan to refinance my home in Dunnington switching from Coventry BS to Barclays plc. The maisonette is jointly owned but I would like it to be in my sole name once I transfer. My former partner is OK with this and is willing to sign a form but neither of us want to get a second conveyancer involved.
• What are my options where I am unhappy with the conveyancer who handled my transfer of equity transaction?
• What if my application doesn't meet Barclays plc lending criteria for a transfer of equity?

Examples of information requested in a lawyer form relating to Barclays plc Transfer of Equity

Information to consider in in addition to the above Barclays plc transfer of equity Info :

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 Barclays plc conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

If your property is leasehold, the lease may have a requirement for notices to be served and that you have a license to do so from the landlord. If such conditions are not complied with you may be in violation of your covenants under the lease. This could trigger 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 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 valuation of the property at the time of completion of the transfer of equity transaction.

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 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 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.