Sample questions relating to DB UK Bank transfer of equity

• Have recently split up with my wife of twenty years. I'm now back with my parents again and she wants to stay in the flat and buy me out. What percentage am I entitled to. Is it half of the equity after redeeming the mortgage with DB UK Bank? I assume proper valuations are required but I really need to be sure that I'm getting I am not being walked over
• What is the process for adding or removing names (transfer of equity) to or from my DB UK Bank mortgage account?
• I am am in need of a conveyancing solicitor to deal with my transfer of equity. DB UK Bank are dealing with the remortgage. I considered asking my mortgage broker. I understand he may receive a kickback for suggesting a firm, but also of benefit will be that he knows the conveyancing solicitor, has dealt with them before. Any flaws you see in this way of thinking?
• Online research suggests that solicitors are more expensive than conveyancers for transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor if I am transferring equity and at the same time switching mortgage with DB UK Bank
• I am in the process of removing a name from a joint mortgage and the DB UK Bank need me to use a conveyancer to carry out the conveyancing. Can you recommend a reasonably priced Miles Platting conveyancer to deal with the transfer of equity? They need to be on the DB UK Bank conveyancing panel.
• I am filling out a DB UK Bank transfer of equity form and have come to the section that asks about debts etc. There are some debts that I have been reducing for a number of years, I understand that they no longer remain my credit score. Am I obliged to disclose these?
• My fiance and I jointly own a buy to let. I am a higher rate tax payer. Ideally I wish to do a transfer of equity to her sole name with a view to reduce our tax on the letting income. If DB UK Bank are fine with this the legal fees are not prohibitive. What are the implications when we dispose of the property? As I would no longer be on the title documents am I giving up my CGT relief.

Sample of questions in a conveyancing solicitor questionnaire concerning a DB UK Bank Transfer of Equity

Important warnings to consider in in addition to the above DB UK Bank 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 DB UK Bank conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

Should the tenure of your property be leasehold, the lease may require that you have a license to do so from the freeholder. If such conditions are not strictly observed 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 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 DB UK Bank 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 DB UK Bank 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 finalisation of the transfer of equity conveyancing.

Preparing the Transfer of Equity with a DB UK Bank 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 DB UK Bank 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 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.