Examples of recent questions relating to Lloyds TSB Scotland transfer of equity
- My former wife are planning to get a conveyancing solicitor in place for a remortgage with Lloyds TSB Scotland. Transfer of Equity conveyancing is also requiredI have used the different rating based tools and the results are from all over the country. Do we need to have a conveyancing solicitor local to us?
- What do I need to do when it comes adding or removing names (transfer of equity) to or from my Lloyds TSB Scotland mortgage account?
- My friend and I got a joint mortgage with Lloyds TSB Scotland on a property in 2013. I am now looking to get a apartment on my own and my friend would like to buy me out. Assuming we can agree a price where do we go? Is there likely to be any concerns with Lloyds TSB Scotland with him being responsible for the total mortgage as opposed to only part of it?
- I am trying to find a lawyer to undertake my transfer of equity. Lloyds TSB Scotland are dealing with the remortgage. I considered asking my financial adviser. I am lead to believe he may receive a kickback for recommending a firm, but also of benefit will be that he knows the conveyancer, has dealt with them before. Any flaws you see in this way of thinking?
- Having been 4 years separated I have made the decision to relinquish up my interest in the property to my husband who is re-mortgaging with Lloyds TSB Scotland. Could this transfer of equity be completed in one month?
- What should I be budgeting for when it comes to what solicitors charges are for a transfer of equity? I'm in the process of remortgaging - new loan with Lloyds TSB Scotland - and have been quoted £250 plus VAT by Lloyds TSB Scotland's appointed conveyancer, Have I been over quoted?
- My divorce is through as is the consent order. Now I have to deal with the transfer of equity for the property and the Lloyds TSB Scotland mortgage. I have asked Lloyds TSB Scotland for the transfer of equity forms. What are my next steps?
Examples of information requested in a conveyancing solicitor form concerning a Lloyds TSB Scotland Transfer of Equity
Please let us know of you wish us to draft you Declaration of Trust. If so are you willing to pay for the additional fee (beyond the Transfer of Equity fee)?
Has one of the registered proprietors passed away? If so please provide us with a copy of the Death Certificate, Probate and a copy of the Will.
Where you are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?
Please give the name(s) and addresse(s) of anyone to be added to the property title?
Please give the name(s) and addresse(s) of anyone to be extracted from the title deeds?
If you are adding a person on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.
Information to consider in conjunction with the above Lloyds TSB Scotland 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 Lloyds TSB Scotland conveyancing panel and accountant before transferring equity.
Transfer of Equity Conveyancing for Leasehold properties
Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such conditions are not strictly observed you may be in violation of the lease. This could trigger the freeholder taking enforcement action against you.
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 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 valuation of the property at finalisation 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 conveyancer 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 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 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.