LenderPanel.com

Find a Law Firm for your Transfer of Equity approved by
Lloyds TSB Scotland

Examples of recent questions relating to Lloyds TSB Scotland transfer of equity

  • Law month I separated from my wife of twenty years. I'm now back with my parents again and she wishes to stay in the flat and buy me out. What portion am I entitled to. Is it 50% of the equity after paying off the mortgage with Lloyds TSB Scotland? I assume proper valuations are required but I would like to be sure that I'm getting what I am entitled to
  • My father died half a year ago leaving a loan-free bungalow to me and my brother equally. He has always lived in the house, there was a provision in her will saying the propertycould not be sold for 2 years after her death so he could reside there for a prescribed period. He now says he would like to remain in the property beyond the prescribed period. We have discussed a transfer of equity. Am I right in saying we should get a valuation then he'd get a mortgage in the traditional way to purchase my half from me?
  • I am answering a Lloyds TSB Scotland transfer of equity application and have arrived at the part regarding debts etc. There are some debts that I have been paying off over a long period, I understand that they no longer remain my credit rating. Must I disclose these?
  • Is it sensible to stop the direct debit for my mortgage with Lloyds TSB Scotland once a date for my remortgage and transfer of equity has been set?
  • I currently have a joint Lloyds TSB Scotland mortgage with my cousin and am looking into the option of him assuming responsibility for the outstanding mortgage and extracting myself from it, so as to enable me to purchase a property with my fiance. The outstanding mortgage is in the region 250k, and the property value is approx 600k. Is this a transfer of equity? Is stamp duty payable?
  • Can you tell me how to have a person removed off the title documents to a property if the home loan is with Lloyds TSB Scotland
  • I am disposing of my share of a flat in Hendon to my co-owners fiance, they are sticking with Lloyds TSB Scotland being the the existing lender. We are debating as to who should cover the legal bill for the transfer of equity. Is this normally shared or is one of us obliged to cover the fees for?

Information that may be required from your conveyancing solicitor is likely to ask regarding your Lloyds TSB Scotland Transfer of Equity

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

Will there be any consideration monies passing between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive the same

Please provide the details of anyone to be added to the property title?

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

We need you to provide the National Insurance Number(s) of all the new owners (required for submission of the SDLT Form)

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?

Important warnings to consider in supplemental the above Lloyds TSB Scotland 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 Lloyds TSB Scotland conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

If your property is leasehold, provisions in 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 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 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 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 is dependent on the market value of the property at the conclusion of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Lloyds TSB Scotland.

Preparing the Transfer of Equity with a Lloyds TSB Scotland 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 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.

Information contained within 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