Common questions relating to Teachers Building Society transfer of equity
- The mortgage broker has recommended their lawyer for my Transfer of Equity plus remortgage with Teachers Building Society - Is it not simpler easier to just use them?
- My Teachers Building Society home loan is in joint names with ex, he has agreed to be removed and put the house in my name alone. Teachers Building Society will permit the transfer of equity to me solely. Will Teachers Building Society call my employer to check my salary?
- Been looking at consumer forums that solicitors are more expensive than licensed conveyancers for transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor if I need to be transferring equity and simultaneously switching mortgage with Teachers Building Society
- I am filling out a Teachers Building Society transfer of equity form and have come to the section regarding debts etc. There are some debts that I have been clearing over a long period, I understand that they have long since disappeared from my credit score. Do I need to set these out?
- I intend to refinance my home in Timperley
changing from RBS to Teachers Building Society. The flat is currently in joint names but wish for it to be in my sole name once I transfer. My husband has verbally consented to this and is willing to transfer equity but neither of us want to get a second conveyancer involved.
- How and when do I pay the Stamp Duty Land Tax chargeable for the transfer of equity in my property in my sole name which is taking place at the same time as a remortgage with Teachers Building Society?
- 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 legalities. 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.
Sample of information requested in a conveyancer form relating to Teachers Building Society Transfer of Equity
If you are adding someone on to the property how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.
Please give the name(s) and addresse(s) of anyone to be removed from the title deeds?
Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you
Would you like us to draw up a Declaration of Trust. If so are you willing to incur the additional fee (beyond the Transfer of Equity fee)?
Please let us know where you are providing any payment for the Transfer of Equity and to whom and give details of the amount?
Is the transfer of equity subject to a court order? If yes please supply a copy
Information to consider in supplemental the above Teachers Building Society 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 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 landlord. If such terms are not adhered to you may be in violation of the lease. This could trigger 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 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 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.