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

• I already have a home loan with Lloyds TSB Scotland and am retaining my existing mortgaging but seeking to have have the equity transferred to my name only so my ex will no longer be on the deeds. How long does the whole transfer of equity process take?
• What can I do where I am dissatisfied with the lawyer who did our transfer of equity conveyancing?
• Three years ago I purchased a apartment without my partner's name on the ownership paperwork. My lawyer claimed it is due to the fact that she is not in the mortgage with Lloyds TSB Scotland. I'm wondering is there any way that I can put her name on the documents at HMLR?
• What if my application doesn't meet Lloyds TSB Scotland lending criteria for a transfer of equity?
• I am filling out a Lloyds TSB Scotland transfer of equity application and have arrived at the part that asks about defaults etc. I do some debts that I have been paying off over a long period, in fact they no longer remain my credit records. Do I need to set these out?
• I own a house in Friern Barnet , with a Lloyds TSB Scotland mortgage with my ex partner. Him and his new partner are going to buy me out. We had the go ahead from Lloyds TSB Scotland to replace my name with hers. The transfer of equity needs to be completed by a lawyer for Lloyds TSB Scotland (apparently). Is it possible for us to do the Land Registry change?
• My ex are planning to get a lawyer in place for a remortgage with Lloyds TSB Scotland. Transfer of Equity conveyancing is also necessaryI have used the different comparison based tools and the results are from all over UK. Is it important to have a lawyer local to us?

Questions that your conveyancer may ask regarding your Lloyds TSB Scotland Transfer of Equity

Caveats to be read in further to the above Lloyds TSB Scotland transfer of equity Advice :

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

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 freeholder. If such conditions are not complied with you may be in violation of 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 is dependent on the market value of the property at the conclusion of the transfer of equity transaction.

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.

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.