Common questions relating to Lloyds TSB Scotland transfer of equity

• I got my Decree Absolute in 2011. I simply never dealt with the change the ownership from both our names to just in my name. I am ready to do that and so is she. Transfer-of-equity is needed. Lloyds TSB Scotland is content to transfer the property and loan in my name (financial checks done). Does my ex need a conveyancer?
• I jointly own a property in Littleborough , with a Lloyds TSB Scotland loan with my former husband. Him and his fiance are going to buy me out. We had approval from Lloyds TSB Scotland to substitute my name with hers. The transfer of equity needs to be done by a conveyancing solicitor for Lloyds TSB Scotland (supposedly). In order to save fees can I deal with the Land Registry formalities?
• I am considering remortgaging my property in Crabtree does my lawyer need to be on the Lloyds TSB Scotland Conveyancing panel. The conveyancing also involves a transfer of equity.
• Can I transfer the equity held in my property with my Lloyds TSB Scotland home loan?
• When it comes to transfer of equity conveyancing involving a remortgage with Lloyds TSB Scotland should I be invoiced value added tax on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
• My current mortgage is with Lloyds TSB Scotland. Can I transfer equity to someone who is not yet eighteen years old?
• Is it possible to apply to request more money from Lloyds TSB Scotland as part of a Transfer of Equity?

Examples of information requested in a conveyancing solicitor questionnaire concerning a Lloyds TSB Scotland Transfer of Equity

Caveats to be read in in addition to 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

If your property is 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 breach of the lease. This could potentially result in the freeholder taking enforcement action against you.

Indemnity Insurance

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 varies based on the market value of the property at finalisation of the transfer of equity transaction.

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 lawyer 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.