Questions and answers: Teachers Building Society transfer of equity
- I am selling my share of a flat in Warwick to my co-owners husband, they are sticking with Teachers Building Society as the the existing mortgage company. We are haggling as to who should cover the charges for the transfer of equity. Should this be split or is one party obliged to cover the costs of?
- Me and my partner co-own a flat in Dunnington
. Home loan is with Teachers Building Society. I wish to transfer full ownership to him with no exchange of money but without using a conveyancing solicitor. Is this likely to be easy to so?
- I am planning on removing a name from a joint mortgage and the Teachers Building Society require me to use a lawyer to carry out the conveyancing. Can you recommend a reasonably priced Friern Barnet
lawyer to deal with the transfer of equity? They need to be on the Teachers Building Society conveyancing panel.
- My decree absolute is through as is the consent order. Now I need to sort out the transfer of equity at the HMLR and the Teachers Building Society home loan. I have called Teachers Building Society for the transfer of equity forms. What do I do now?
- My Teachers Building Society home loan we jointly entered into with ex, he has agreed to come off the deeds and put the house in my name alone. Teachers Building Society have consented to the transfer of equity to me solely. Do Teachers Building Society get in touch with my employer to verify my salary?
- What is the process for having someone removed from the deeds to a property where the home loan is with Teachers Building Society
- In 2013 I bought a property without my partner's name on the title. My conveyancing solicitor advised it is due to the fact that she is not in the loan offer with Teachers Building Society. Is it possible for me to put her name on the deeds?
Information that may be required from your lawyer could ask regarding your Teachers Building Society Transfer of Equity
Has one of the registered owners passed away? If so please supply us with a copy of the Death Certificate, Probate and a copy of the Will.
Please provide a copy of your National Insurance Number?
Where you are adding someone on to the title deeds how would you like 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 added to the property title?
Please let us know if you are providing any payment for the Transfer of Equity and to whom and give details of any such sums?
Is the transfer of equity subject to a court order? If yes please supply a copy
Caveats to be read in supporting 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 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 conditions are not complied with you may be in breach of the lease. This could trigger 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 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 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 valuation of the property at finalisation 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 conveyancer 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 conveyancer 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.