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Lloyds TSB Scotland

Common questions relating to Lloyds TSB Scotland transfer of equity

  • I got my Decree Absolute three years ago. Foolishly I never dealt with the change the ownership from both our names to my name alone. I am ready to do that and so is she. Transfer-of-equity is presumably the way forward. Lloyds TSB Scotland is content to transfer the property and loan in my name (financial checks done). Does my ex need a conveyancer?
  • My Lloyds TSB Scotland home loan we jointly entered into with ex, who is agreeable to be removed and put the house in my name alone. Lloyds TSB Scotland will permit the transfer of equity to my individual name. Will Lloyds TSB Scotland contact my boss to check my salary?
  • As things stand I have a joint Lloyds TSB Scotland mortgage with my brother and am looking into the feasibility of him taking on the whole mortgage and subtracting myself from it, so as to enable me to purchase a place with my partner. The outstanding mortgage is in the region 300k, and the property value is about 450k. Is this a transfer of equity? Is land tax payable?
  • Been looking at online forums that solicitors are more expensive than licensed 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 refinancing with Lloyds TSB Scotland
  • I am considering remortgaging my flat in Timperley does my lawyer need to be on the Lloyds TSB Scotland Solicitor panel. The conveyancing also involves a transfer of equity.
  • Me and my partner co-own a flat in Crabtree . Mortgage is with Lloyds TSB Scotland. I want to transfer full ownership to him with no exchange of money but without using a conveyancing solicitor. Is this likely to be straightforward?
  • Will I incur any fees for a Transfer of Equity where the existing mortgage is with Lloyds TSB Scotland?

Information that may be required from your lawyer is likely to ask about your Lloyds TSB Scotland Transfer of Equity

Please give the name(s) and addresse(s) of those who jointly own the premises with you?

Please provide the details of anyone to be extracted from the title deeds?

Is there to be any payment between the parties for the Transfer of Equity? If so, please state the amount and who is to receive the same

Is the transfer of equity subject to a court order? If yes please supply a copy

Please provide the name(s) and addresse(s) of anyone to be added to the property title?

Please provide a copy of your National Insurance Number?

Information to consider in supporting the above Lloyds TSB Scotland transfer of equity Info :

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 Lloyds TSB Scotland conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

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 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 conveyancing solicitor will check with Lloyds TSB Scotland 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 Lloyds TSB Scotland 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 market value of the property at the conclusion of the transfer of equity transaction.
If you do not keep up the payments on your mortgage with Lloyds TSB Scotland your property may be repossessed.

Preparing the Transfer of Equity with a Lloyds TSB Scotland 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 Lloyds TSB Scotland 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 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.


Frequently asked questions relating to Lloyds TSB Scotland transfer of equity