Examples of recent questions relating to DB UK Bank transfer of equity

• What are my options where I am dissatisfied with the conveyancing solicitor who undertook my transfer of equity conveyancing?
• I am looking for a conveyancer to deal with my transfer of equity. DB UK Bank are dealing with the refinancing. I thought of asking my financial adviser. I am lead to believe he may get a referral fee for suggesting someone, but also of benefit will be that he knows the lawyer, has dealt with them before. Is my logic misguided?
• What is the process for adding or subtracting names (transfer of equity) to or from my DB UK Bank mortgage account?
• My partner and I co-own a flat in Timperley . Mortgage is with DB UK Bank. I wish to transfer full ownership to him with no payment of money but without using a lawyer. Do you think this should be easy to so?
• I am hoping to refinance my home in Littleborough switching from Birmingham Midshires to DB UK Bank. The apartment is jointly owned but propose for it to be in my sole name as and when I remortgage. My husband is OK with this and is happy to transfer equity but neither of us want to get a second conveyancing solicitor involved.
• My ex-partner and I are searching for a dependable conveyancing solicitor to assist in a transfer of equity and remortgage with DB UK Bank. I I am fearful of being overcharged and there are many conveyancing organisations who do transfer of equity conveyancing out there...who's the best?
• My DB UK Bank mortgage is in joint names with ex, he has agreed to come off the deeds and put the house in my name alone. DB UK Bank will permit the transfer of equity to my individual name. Do DB UK Bank call my employer to check my salary?

Information that may be required from your conveyancing solicitor could ask regarding your DB UK Bank Transfer of Equity

Information to consider in in addition to the above DB UK Bank 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 DB UK Bank 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 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 potentially result in 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 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 conveyancing solicitor 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 varies based on the valuation of the property at the time of completion 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 conveyancing solicitor 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 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 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.