Examples of recent questions relating to Lloyds TSB Scotland transfer of equity
- I am selling my share of a property in Birmingham to my co-owners husband, they are reapplying to Lloyds TSB Scotland. We are in heated discussion as to who should pay the legal bill for the transfer of equity. Is this normally shared or is one party liable for the charges for?
- Been looking at online 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 if I am transferring equity and at the same time refinancing with Lloyds TSB Scotland
- My decree absolute has gone through as is the consent order. Now I have to address the transfer of equity on title deeds and the Lloyds TSB Scotland home loan. I have contacted Lloyds TSB Scotland for the transfer of equity application. What happens next?
- I understand we would need at least AP1 and TR1. Is this true?
- I got my Decree Absolute in 2010. I simply never got around to transfer ownership from both our names to my name alone. I now plan to deal with it and there are no objections. Transfer-of-equity is needed. Lloyds TSB Scotland is willing to transfer the full equity in my name (financial checks done). Does my ex need any legal representation?
- I am hoping to remortgage my home in Friern Barnet
moving from Virgin Money to Lloyds TSB Scotland. The home is jointly owned but wish for it to be in my name only when I remortgage. My wife is OK with this and is happy to sign a form but neither of us want to incur lawyer fees.
- Me and my former wife and I are in the market for a responsive conveyancing lawyer to assist in a transfer of equity and refinance with Lloyds TSB Scotland. I am aware of the chance of getting ripped off but with many conveyancing organisations who do transfer of equity conveyancing out there...who do I opt for?
Questions that your lawyer could ask about your Lloyds TSB Scotland Transfer of Equity
Please provide the details of anyone to be added to the property title?
Please list all persons who occupy the property, their respective ages and relationships to you.
Please let us know of you wish us to prepare Declaration of Trust. If so are you happy to pay for the further fee (beyond the Transfer of Equity fee)?
Please provide the details of anyone to be extracted from the title deeds?
Where you are adding someone on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.
Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?
Caveats to be read in supplemental 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, provisions in the lease may require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in violation of your covenants under 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 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 is dependent on the valuation of the property at the time of completion of the transfer of equity transaction.
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 conveyancer 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.