Questions and answers: Lloyds TSB Scotland transfer of equity
- Will I have to pay any fees for a Transfer of Equity where the existing home loan is with Lloyds TSB Scotland?
- My Lloyds TSB Scotland home loan is in joint names with ex, who is agreeable to be removed and put the house in my name alone. Lloyds TSB Scotland have consented to the transfer of equity to my individual name. Do Lloyds TSB Scotland call my boss to check my salary?
- I own a property in Romsey
, with a Lloyds TSB Scotland loan with my former husband. Him and his fiance are going to buy me out. We had consent from Lloyds TSB Scotland to remove my name with hers. The transfer of equity has to be completed by a conveyancing solicitor for Lloyds TSB Scotland (apparently). Is it possible for us to deal with the Land Registry formalities?
- My ex-fiance and I are are looking to find a dependable conveyancing solicitor to help me sell in a transfer of equity and refinance with Lloyds TSB Scotland. I am aware of the possibility of getting ripped off and there are various conveyancing firms who do transfer of equity conveyancing out there...how do I know which one is best select?
- I purchased a flat with my cousin in 2008 Since then, we have both got married. We are now seeking to do a transfer of equity so my name comes off the Lloyds TSB Scotland mortgage. There is a significant difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
- What are the average conveyancing costs are for a transfer of equity? I need to transfer equity and remortgage - moving over to Lloyds TSB Scotland - and have been quoted £350 plus VAT by Lloyds TSB Scotland's approved conveyancer, Is this is a good price or not?
- Can you tell me how to have someone removed from the title documents to a house where the mortgage is with Lloyds TSB Scotland
Sample of information requested in a lawyer questionnaire relating to Lloyds TSB Scotland Transfer of Equity
Has consent been obtained from Lloyds TSB Scotland to the proposed transfer of equity?
Please give the details of anyone to be added to the property title?
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?
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?
Is it the case that one of the registered owners died? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..
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 Questions and Answers :
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
Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of your covenants under the lease. This could potentially result in 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 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 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 conveyancer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.
Information contained within 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.