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Teachers Building Society

Teachers Building Society transfer of equity example support desk enquires

  • My existing home loan is with Teachers Building Society. Can I transfer equity to someone who is not yet eighteen years old?
  • My former husband are seeking to get a conveyancing solicitor in place for a new mortgage with Teachers Building Society. Transfer of Equity conveyancing is also neededI have used the different rating based services and the results are from all over England and Wales. Do we need to instruct a conveyancer local to us?
  • I am led to believe we would need at least AP1 and Transfer Deed. Is this true?
  • The financial adviser has recommended their conveyancing solicitor for my Transfer of Equity plus remortgage with Teachers Building Society - won’t it be easier to just instruct them?
  • I am planning on removing a name from a joint mortgage and the Teachers Building Society need me to use a conveyancer to carry out the conveyancing. Can you recommend a reasonably priced Ampthill conveyancer to deal with the transfer of equity? They need to be on the Teachers Building Society conveyancing panel.
  • I already have a home loan with Teachers Building Society and am retaining my existing mortgaging but wish to have have the equity transferred to my sole name so my former partner won't be on it any longer. How long does the whole transfer of equity process take?
  • Me and my partner co-own a flat in Dunnington . Mortgage is with Teachers Building Society. I wish to transfer full ownership to him with no exchange of money but without using a lawyer. Do you think this should be easy to so?

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

Will there be any consideration monies passing between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive what amounts

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

Is the transfer of equity subject to a court order? If yes please supply a copy

Has one of the registered proprietors died? If so please provide us with a copy of the Death Certificate, Probate and a copy of the Will.

Please provide the name(s) and addresse(s) of anyone to be added to the property title?

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been completed?

General Advice to read in further to the above Teachers Building Society transfer of equity Advice :

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 restrictions 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 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 is dependent on the market value of the property at the time of completion 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 lawyer 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.


Frequently asked questions relating to Teachers Building Society transfer of equity