Teachers Building Society transfer of equity: q and a’s
- I jointly own a flat in Heathfield
, with a Teachers Building Society mortgage with my former husband. He and his new partner are going to acquire my share. We had approval from Teachers Building Society to remove my name with hers. The transfer of equity has to be completed by a conveyancing solicitor for Teachers Building Society (supposedly). In order to save fees can I deal with the Land Registry change?
- I am in the process of removing a name from a joint mortgage and the Teachers Building Society need me to use a conveyancer to carry out the paperwork. Can you recommend a reasonably priced Timperley
conveyancer to deal with the transfer of equity? They need to be on the Teachers Building Society conveyancing panel.
- I intend to refinance my apartment in Timperley
moving from Santander to Teachers Building Society. The apartment is currently in joint names but propose for it to be in my sole name once I transfer. My wife is OK with this and is happy to sign a form but neither of us want to get a second conveyancer involved.
- I am are seeking to find a quality conveyancing solicitor to assist in a transfer of equity and refinance with Teachers Building Society. I I am fearful of by bill escalating out of control and there's many conveyancing organisations who do transfer of equity conveyancing to choose from...who do I opt for?
- My existing mortgage is with Teachers Building Society. Can I transfer equity to someone less than eighteen years old?
- Can I apply to request more money from Teachers Building Society as part of a Transfer of Equity?
- My Teachers Building Society home loan is in joint names with ex, he is agreeable to be removed and let me have the property. Teachers Building Society will permit the transfer of equity to me solely. Will Teachers Building Society call my boss to confirm my salary?
Sample of questions in a conveyancer form concerning a Teachers Building Society Transfer of Equity
Is the transfer of equity subject to a court order? If yes please supply a copy
Who will be responsible for the costs of the Transfer of Equity?
Please list all persons who occupy the property, their respective ages and relationships to 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?
Has consent been obtained from Teachers Building Society to the proposed transfer of equity?
Please give the details of anyone to be removed from the title deeds?
General Advice to read in further to the above Teachers Building Society 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 Teachers Building Society 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 have a license to do so from the landlord. If such terms are not adhered to you may be in violation 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 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 conveyancing solicitor 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 market value of the property at the conclusion of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Teachers Building Society.
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.
Information contained within 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.