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Are you in need of a Transfer of Equity with a Lloyds TSB Scotland plc mortgage? Failing to check that a lawyer is on the Lloyds TSB Scotland plc list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Top seven questions relating to Lloyds TSB Scotland transfer of equity

  • I am selling my equity in flat in Warwick to the other co-owners husband, they are reapplying to Lloyds TSB Scotland. We are in heated discussion as to who should cover the legal bill for the transfer of equity. Should this be shared or is one party obliged to cover the costs of?
  • My dad died last May leaving a unencumbered house to me and my step brother equally. Having continues to reside at the house, there was a provision in her will specifying that the premisescould not be sold for 24 months following her passing so he could remain there for a specified time frame. He now wants to remain in the premises beyond the prescribed period. We have considered a transfer of equity. Would I be right in thinking that we should get a valuation then he'd get a mortgage in the conventional way to buy my equity?
  • What if my application doesn't meet Lloyds TSB Scotland lending criteria for a transfer of equity?
  • After 5 years separated I have made the decision to give up my share of the flat to my husband who is re-mortgaging with Lloyds TSB Scotland. Can a transfer of equity be completed in less than 28 days?
  • Can you tell me how to have someone removed from the deeds to a property where the home loan is with Lloyds TSB Scotland
  • Can I apply to request a further advance from Lloyds TSB Scotland as part of a Transfer of Equity?
  • Me and my former husband and I are searching for an affordable conveyancing lawyer to help me sell in a transfer of equity and remortgage with Lloyds TSB Scotland. I I am fearful of being overcharged but with various conveyancing organisations who do transfer of equity conveyancing to pick from...who's the best?

Examples of information requested in a conveyancing solicitor form relating to Lloyds TSB Scotland Transfer of Equity

Who will be responsible for the costs of the Transfer of Equity?

Please list all persons who occupy the property, their respective ages and relationships to you.

Have you approached Lloyds TSB Scotland to seek consent to the Transfer of Equity

Would you like us to prepare Declaration of Trust. If so are you happy to incur the further fee (beyond the Transfer of Equity fee)?

Where 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” Form.

If are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

General Advice to read in further to 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 titles

Should the tenure of your property be leasehold, the lease may require that you have a license to do so from the freeholder. If such terms are not adhered to you may be in breach of your covenants under 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 conveyancer 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 conveyancing.
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 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