Common questions relating to Lloyds TSB Scotland transfer of equity
- Been looking at consumer blogs that solicitors are more expensive than licensed conveyancers for transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor where I need to be transferring equity and simultaneously remortgaging with Lloyds TSB Scotland
- My former wife are seeking to get a conveyancer lined up for a refinance with Lloyds TSB Scotland. Transfer of Equity conveyancing is also necessaryI have used the different rating based websites and the results are from all over England and Wales. How necessary is it to have a conveyancing solicitor local to us?
- What can I do where I am not happy with the conveyancer who did my transfer of equity conveyancing?
- Law week I separated from my partner of twenty years. I'm now living with my parents again and she wishes to remain in the apartment and buy me out. What percentage am I entitled to. Is it 50% of the equity after paying off the Lloyds TSB Scotland home loan? I assume proper valuations are necessary but I really need to be sure that I'm getting I am not being walked over
- Given that we have been 4 years separated I have decided to give up my share of the house to my husband who is re-mortgaging with Lloyds TSB Scotland. Could this transfer of equity be done within four weeks?
- I intend to refinance my maisonette in Rye
switching from Natwest to Lloyds TSB Scotland. The flat is jointly owned but intend for it to be in my name only once I switch. My husband is OK with this and is willing to transfer equity but neither of us want to incur conveyancing solicitor fees.
- My decree absolute is through as is the consent order. Now I have to address the transfer of equity for the property and the Lloyds TSB Scotland home loan. I have contacted Lloyds TSB Scotland for the transfer of equity application. What do I do now?
Information that may be required from your conveyancer is likely to ask about your Lloyds TSB Scotland Transfer of Equity
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?
Would you like us to draft you Declaration of Trust. If so are you happy to incur the additional fee (beyond the Transfer of Equity fee)?
Have you approached Lloyds TSB Scotland to seek consent to the Transfer of Equity
Please provide a copy of your National Insurance Number?
Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been formalised?
Please give the name(s) and addresse(s) of anyone to be added to the title deeds?
General Advice to read in supplemental 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
Should the tenure of your property be 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 terms are not adhered to 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 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 finalisation 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 conveyancing solicitor 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 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.