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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: q and a’s

  • I already have a home loan with Teachers Building Society and am maintaining my existing mortgaging but wish to have it in my name only so my former husband won't be on it any longer. How long can it take for the forms to be processed?
  • I am answering a Teachers Building Society transfer of equity request and have arrived at the section concerning debts etc. I do some debts that I have been discharging since 2007, in fact they have long since disappeared from my credit score. Must I reveal these?
  • As things stand I have a joint Teachers Building Society mortgage with my cousin and am looking into the option of him assuming responsibility for the whole mortgage and subtracting myself from it, to enable me to buy somewhere with my fiance. The remaining mortgage is in the region 250k, and the property value is approx 500k. Is this a transfer of equity? Is stamp duty involved?
  • After 5 years separated I have made the decision to relinquish up my share of our property to my husband who is refinancing with Teachers Building Society. Could this transfer of equity be done inside four weeks?
  • I am disposing of my equity in property in Birmingham to the other co-owners fiance, they are reapplying to Teachers Building Society. We are debating as to who must cover the legal bill for the transfer of equity. Is this usually shared or is one of us liable for the charges for?
  • My partner and I co-own a house 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 conveyancer. Is this likely to be easy to so?
  • I am in the market for a quality conveyancing lawyer to help me sell in a transfer of equity and remortgage with Teachers Building Society. I I am concerned about being overcharged and there's lots of conveyancing firms who do transfer of equity conveyancing out there...who's the best?

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

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

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

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

Please provide the name(s) and addresse(s) of those who jointly own the premises with you?

If you are adding someone on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

Please provide a copy of your National Insurance Number?

Caveats to be read 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 potentially result in 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 conveyancing solicitor 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 valuation of the property at the conclusion of the transfer of equity conveyancing.
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 lawyer 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