Secure Trust Bank transfer of equity example support desk enquires

• Last year purchased a apartment without my wife's name on the title. My lawyer claimed it is due to the fact that she is not in the mortgage with Secure Trust Bank. I'm wondering is there any way that I can add her name on the deeds?
• My Secure Trust Bank mortgage we jointly entered into with ex, who has agreed to come off the deeds and put the house in my name alone. Secure Trust Bank will permit the transfer of equity to my individual name. Will Secure Trust Bank call my company to verify my salary?
• Is it possible to apply to borrow a further advance from Secure Trust Bank as part of a Transfer of Equity?
• I am in the process of removing a name from a joint mortgage and the Secure Trust Bank require me to use a conveyancing solicitor to carry out the legalities. Can you recommend a reasonably priced Blaenavon conveyancer to deal with the transfer of equity? They need to be on the Secure Trust Bank conveyancing panel.
• Can you tell me how to have a person removed from the title documents to a house where the home loan is with Secure Trust Bank
• What legal advice do I need when doing a transfer of equity where the home loan is to remain with Secure Trust Bank?
• My divorce has gone through as is the consent order. Now I need to sort out the transfer of equity for the property and the Secure Trust Bank home loan. I have asked Secure Trust Bank for the transfer of equity application. What happens next?

Examples of information requested in a lawyer form relating to Secure Trust Bank Transfer of Equity

Information to consider in supporting the above Secure Trust Bank transfer of equity Questions and Answers :

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 Secure Trust Bank conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

If your property is leasehold, the lease may require that you obtain the consent of the landlord. If such conditions are not strictly observed 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 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 Secure 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 Secure 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 market value of the property at the time of completion of the transfer of equity transaction.

Preparing the Transfer of Equity with a Secure Trust 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 Secure 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 lawyer 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.