Examples of recent questions relating to First Trust Bank transfer of equity

• I intend to remortgage my apartment in Timperley changing from Natwest to First Trust Bank. The flat is currently in joint names but I would like it to be in my sole name when I transfer. My wife has agreed to this and is happy to sign a form but neither of us want to get a second conveyancing solicitor involved.
• I am trying to find a conveyancing solicitor to deal with my transfer of equity. First Trust Bank are dealing with the remortgage. I thought of asking my financial adviser. I am lead to believe he may receive a referral fee for suggesting someone, 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?
• My former husband are planning to get a conveyancer in place for a remortgage with First Trust Bank. Transfer of Equity conveyancing is also requiredI have used the different rating based tools and the results are from all over UK. Do we need to instruct a conveyancer local to us?
• How do I go about adding or subtracting names (transfer of equity) to or from my First Trust Bank mortgage account?
• I acquired a house with a friend in 2009 Since purchasing the property, we have both got married. We are now intending to do a transfer of equity so my name comes off the First Trust Bank mortgage. There is a 30k difference between the value the First Trust Bank say and what the property would sell for currently. Can you offer any advice?
• I am transferring my equity in property in Woodside to my co-owners fiance, they are sticking with First Trust Bank being the the existing mortgage company. We are debating as to who should pay the fees for the transfer of equity. Is this usually split or is one party obliged to cover the costs of?
• Is there such a thing a transfer of equity stamp duty calculator?

Examples of questions in a lawyer questionnaire concerning a First Trust Bank Transfer of Equity

Information to consider in conjunction with the above First Trust Bank transfer of equity Questions and Answers :

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 First Trust Bank conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

Should the tenure of your property be leasehold, the lease may require that you obtain the consent of the landlord. If such terms are not adhered to you may be in breach 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 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 First Trust 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 First Trust 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 First Trust Bank Mortgage

When it comes to preparing the the Land Registry documents your lawyer should in the ‘consideration’ panel choose the first option, if consideration is given; otherwise ignore the consideration panel altogether.

If First Trust 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 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.