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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.

Teachers Building Society transfer of equity example support desk enquires

  • I plan to refinance my maisonette in Crabtree moving from Barnsley BS to Teachers Building Society. The apartment is currently in joint names but propose for it to be in my name only when I remortgage. My husband has agreed to this and is willing to transfer equity but neither of us want to get a second conveyancer involved.
  • Do I need legal representation when doing a transfer of equity where the mortgage is to remain with Teachers Building Society?
  • I purchased a flat with my brother in 2009 Since then, we have both got married. We are now intending to do a transfer of equity so my name is taken off the Teachers Building Society mortgage. There is a 40k difference between the value the lender say and what the property would sell for currently. Can you offer any advice?
  • What are the average legal fees are for a transfer of equity? I'm in the process of remortgaging - new loan with Teachers Building Society - and have been quoted Three Hundred pounds plus VAT by Teachers Building Society's approved conveyancer, Have I been over quoted?
  • I am in the process of mortgaging my property in Romsey does my lawyer have to be on the Teachers Building Society Solicitor panel. The conveyancing also involves a transfer of equity.
  • I currently have a joint Teachers Building Society mortgage with my brother and am looking into the option of him taking on the whole mortgage and extracting myself from it, to enable me to buy a place with my partner. The outstanding mortgage is in the region 175k, and the property value is about 600k. Is this a transfer of equity? Is land tax due?
  • Our financial adviser has suggested using their conveyancing solicitor for the Transfer of Equity plus remortgage with Teachers Building Society - Surely it’s better to just instruct them?

Information that may be required from your lawyer could ask in relation to your Teachers Building Society Transfer of Equity

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

Would you like us to prepare Declaration of Trust. If so are you happy to incur the further fee (beyond the Transfer of Equity fee)?

Please give the details of anyone to be added to the title deeds?

Is it the case that one of the registered proprietors died? If so please forward us with a copy of the Death Certificate, Probate and a copy of the Will.

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?

Important warnings to consider in supplemental the above Teachers Building Society transfer of equity information :

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 require that you have a license to do so from the freeholder. If such restrictions are not strictly observed 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 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 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 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 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.

Information contained within this webpage is for general information and only applies to England and Wales. It should not be regarded as 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