LenderPanel.com

Find a Law Firm for your Transfer of Equity approved by
Lloyds TSB Scotland

Top seven questions relating to Lloyds TSB Scotland transfer of equity

  • What do I need to do when it comes adding or removing names (transfer of equity) to or from my Lloyds TSB Scotland mortgage account?
  • I am led to believe we would need at least AP1 and Transfer Deed. Is this true?
  • My partner and I have 50:50 shares in a buy to let. I am a top rate tax payer. Ideally I would like to do a transfer of equity to her sole name with a view to reduce our tax on rental income. Assuming Lloyds TSB Scotland are fine with this the legal fees are inexpensive. What are the implications when we dispose of the property? Would my GGT relief be lost.
  • My divorce is through as is the consent order. Now I need to deal with the transfer of equity at the land registry and the Lloyds TSB Scotland home loan. I have called Lloyds TSB Scotland for the transfer of equity forms. What happens next?
  • My partner and I jointly own a flat in Sedgefield . Mortgage is with Lloyds TSB Scotland. I would like to transfer full ownership to him with no passing of money but without using a conveyancing solicitor. Do you think this should be easy to so?
  • What should I be budgeting for when it comes to what legal fees are for a transfer of equity? I'm in the process of remortgaging - new loan with Lloyds TSB Scotland - and have been quoted Three Hundred pounds including VAT by Lloyds TSB Scotland's approved conveyancer, Have I been over quoted?
  • I am in the process of removing a name from a joint mortgage and the Lloyds TSB Scotland require me to use a conveyancing solicitor to carry out the paperwork. Can you recommend a reasonably priced Winchelsea conveyancer to deal with the transfer of equity? They need to be on the Lloyds TSB Scotland conveyancing panel.

Sample of questions in a lawyer questionnaire concerning a Lloyds TSB Scotland Transfer of Equity

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 state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

Is there to be any consideration monies passing between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive the same

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

Please give the name(s) and addresse(s) of anyone to be removed from the property title?

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

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 premises

If your property is leasehold, provisions in the lease may require that you obtain the consent of the landlord. 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 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 valuation of the property at the time of completion 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 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 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