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Are you in need of a Transfer of Equity with a Teachers Building Society mortgage? Failing to check that a lawyer is on the Teachers Building Society 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.

Top seven questions relating to Teachers Building Society transfer of equity

  • Me and my partner co-own a property in Rye . Home loan is with Teachers Building Society. I want to transfer full ownership to him with no exchange of money but without using a conveyancer. Is this likely to be easy to so?
  • I am led to believe we would need at least AP1 and Transfer Deed. Is this true?
  • What do I do if I am not happy with the lawyer who did our transfer of equity transaction?
  • How much the typical legal charges are for a transfer of equity? I'm in the process of remortgaging - moving over to Teachers Building Society - and have been quoted £350 including VAT by Teachers Building Society's appointed conveyancer, Is this a reasonable price?
  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with Teachers Building Society?
  • I jointly own a property in Rye , with a Teachers Building Society mortgage with my former partner. He and his fiance are going to acquire my share. We had the go ahead from Teachers Building Society to substitute my name with hers. The transfer of equity needs to be completed by a lawyer for Teachers Building Society (apparently). Is it possible for us to do the Land Registry formalities?
  • I got divorced three years ago. For some reason I never got around to transfer ownership from the current 'joint' status to just in my name. I now plan to deal with it and there are no objections. Transfer-of-equity is needed. Teachers Building Society is happy to transfer the property and loan in my name (financial checks done). Does she need a conveyancer?

Examples of questions in a conveyancer questionnaire relating to Teachers Building Society Transfer of Equity

Who will be responsible for the costs of the 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 provide the name(s) and addresse(s) of anyone to be extracted from the title deeds?

Where you are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Please clarify where you are providing any payment for the Transfer of Equity and to whom and specify any such sums?

Is the transfer of equity subject to a court order? If yes please supply a copy

Information to consider in in addition to the above Teachers Building Society 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 Teachers Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

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 terms are not adhered to you may be in violation of your covenants under the lease. This could trigger 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 conveyancer will check with Teachers Building Society 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 Teachers Building Society 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 conclusion of the transfer of equity transaction.
If you do not keep up the payments on your mortgage with Teachers Building Society your property may be repossessed.

Preparing the Transfer of Equity with a Teachers Building Society Mortgage

When it comes to preparing the the Land Registry documents your conveyancing solicitor should in the ‘consideration’ panel choose the first option, if consideration is given; otherwise ignore the consideration panel altogether.

If Teachers Building Society 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.

Content 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 Teachers Building Society transfer of equity