Teachers Building Society transfer of equity example support desk enquires

• My Teachers Building Society home loan is in joint names with ex, he has agreed to be removed and let me have the property. Teachers Building Society will permit the transfer of equity to me solely. Will Teachers Building Society write my employer to check my salary?
• Law month I separated from my partner of thirty years. I'm now back with my parents again and she wishes to stay in the flat and pay me off. What percentage am I entitled to. Is it 50% of the equity after discharging the Teachers Building Society home loan? I assume proper valuations are required but I would like to be sure that I'm getting I am not being walked over
• How do I go about adding or removing names (transfer of equity) to or from my Teachers Building Society mortgage account?
• My ex-partner and I are searching for an affordable conveyancing lawyer to assist in a transfer of equity and refinance with Teachers Building Society. I I am fearful of appointing the wrong one and there are so many conveyancing solicitors who do transfer of equity conveyancing to pick from...who's the best?
• 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 conveyancing. Can you recommend a reasonably priced Dunnington lawyer to deal with the transfer of equity? They need to be on the Teachers Building Society conveyancing panel.
• What are my options where I am not happy with the lawyer who handled our transfer of equity transaction?
• As things stand I have a joint Teachers Building Society mortgage with my brother and am investigating the feasibility of him assuming responsibility for the outstanding mortgage and removing myself from it, to enable me to buy somewhere with my partner. The remaining mortgage is about 300k, and the property value is about 600k. Is this a transfer of equity? Is land tax payable?

Information that may be required from your conveyancing solicitor may ask regarding your Teachers Building Society Transfer of Equity

Caveats to be read in in addition to the above Teachers Building Society transfer of equity Advice :

Tax and Legal

There may be various 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

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 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 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 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 finalisation of the transfer of equity conveyancing.

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 conveyancing solicitor should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Information provided 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.