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Teachers Building Society

Questions and answers: Teachers Building Society transfer of equity

  • I understand we would need at least AP1 and TR1. Is this true?
  • Having been 5 years separated I have opted to give up my share of our property to my husband who is refinancing with Teachers Building Society. Could this transfer of equity be done in less than 28 days?
  • What do I do if I am dissatisfied with the lawyer who handled my transfer of equity conveyancing?
  • Am I best advised stop my mortgage payments with Teachers Building Society once a date for my remortgage and transfer of equity has been set?
  • When it comes to transfer of equity conveyancing involving refinance with Teachers Building Society should I be invoiced value added tax on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • I am hoping to refinance my flat in Ampthill moving from Skipton to Teachers Building Society. The flat is currently in joint names but propose for it to be in my sole name when I remortgage. My wife is OK with this and is willing to sign a form but neither of us want to incur conveyancing solicitor charges.
  • I am in the process of removing a name from a joint mortgage and the Teachers Building Society require me to use a conveyancing solicitor to carry out the legalities. Can you recommend a reasonably priced Dunnington lawyer to deal with the transfer of equity? They need to be on the Teachers Building Society conveyancing panel.

Sample of information requested in a conveyancing solicitor questionnaire concerning a Teachers Building Society Transfer of Equity

Who will be responsible for the costs of the Transfer of Equity?

Please provide a copy of your National Insurance Number?

Please provide the details of anyone to be extracted from the property title?

Where you are adding a person on to the title deeds how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

Have you approached Teachers Building Society to obtain consent to the Transfer of Equity

Please list all persons who occupy the property, their respective ages and relationships to you.

General Advice to read in conjunction with the above Teachers Building Society transfer of equity Questions and Answers :

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 Teachers Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

If your property is 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 conditions are not strictly observed you may be in breach of the lease. This could trigger 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 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 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 varies based on the market value of the property at the time of completion of the transfer of equity transaction.
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 lawyer 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.


Frequently asked questions relating to Teachers Building Society transfer of equity