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Lloyds TSB Scotland

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.

Common questions relating to Lloyds TSB Scotland transfer of equity

  • Is it sensible to cancel my mortgage payments with Lloyds TSB Scotland as soon as a date for my remortgage and transfer of equity has been set?
  • My brother and I got a joint mortgage with Lloyds TSB Scotland on a property a couple of years ago. I am now looking to get a apartment by myself and my friend would like to buy me out. Assuming we can agree a figure where do we go? Is there likely to be any issue with Lloyds TSB Scotland with him being responsible for the total mortgage as opposed to only part of it?
  • Is it possible to apply to request a further advance from Lloyds TSB Scotland as part of a Transfer of Equity?
  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with Lloyds TSB Scotland?
  • I am remortgaging my home in Miles Platting does my lawyer have to be on the Lloyds TSB Scotland Conveyancing panel. The conveyancing also involves a transfer of equity.
  • When it comes to transfer of equity conveyancing involving a remortgage with Lloyds TSB Scotland should I be invoiced VAT on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • My mother passed away last January leaving a loan-free bungalow to me and my step brother in equal shared. He has always lived in the premises, there was a provision in her will specifying that the propertycould not be sold for 2 years after her death so he could reside there for a prescribed period. He now wishes 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 usual way to purchase my equity?

Questions that your lawyer may ask about your Lloyds TSB Scotland Transfer of Equity

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been completed?

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

Please provide a copy of your National Insurance Number?

Is it the case that one of the registered proprietors died? If so please provide us with a copy of the Death Certificate, Probate and a copy of the Will.

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?

Please give the details of anyone to be removed from the title deeds?

Information to consider in supporting the above Lloyds TSB Scotland transfer of equity Advice :

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 freeholder. If such conditions are not complied with you may be in violation of the lease. This could potentially result in 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 situations, 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 transaction.
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 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 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.


Frequently asked questions relating to Lloyds TSB Scotland transfer of equity