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Are you in need of a Transfer of Equity with a Tesco Bank (a trading name of Tesco Personal Finance plc) mortgage? Failing to check that a lawyer is on the Tesco Bank (a trading name of Tesco Personal Finance plc) 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.

Top seven questions relating to Tesco Bank transfer of equity

  • What is the process for adding or subtracting names (transfer of equity) to or from my Tesco Bank mortgage account?
  • Having been three years separated I have made the decision to transfer my interest in the former home to my husband who is re-mortgaging with Tesco Bank. Can a transfer of equity be done in 28 days?
  • My father died last March leaving a unencumbered property to me and my step brother in equal shared. Having continues to reside at the property, there was a condition in her will specifying that the propertycould not be sold for 24 months following her passing so he could reside there for a while. He now wishes to remain in the house beyond the specified period. We have discussed a transfer of equity. Am I right in saying we'd get a valuation then he'd get a mortgage in the usual way to acquire my share?
  • I am completing a Tesco Bank transfer of equity form and have arrived at the section that asks about debts etc. I do some debts that I have been clearing since 2008, in fact they have long since disappeared from my credit records. Am I obliged to reveal these?
  • Is there such a thing a transfer of equity stamp duty calculator?
  • My fiance and I equally own a buy to let. I am a higher rate tax payer. Ideally I wish to do a transfer of equity to her sole name in order mitigate tax on the letting income. Assuming Tesco Bank are content with this the legal fees are inexpensive. What are the implications when we dispose of the property? Would my GGT relief be lost.
  • I own a house in Ampthill , with a Tesco Bank mortgage with my ex husband. He and his fiance are going to buy me out. We had the go ahead from Tesco Bank to substitute my name with hers. The transfer of equity has to be done by a lawyer for Tesco Bank (apparently). Can we deal with the Land Registry formalities?

Questions that your conveyancer is likely to ask regarding your Tesco Bank Transfer of Equity

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

Who will be responsible for the costs of the Transfer of Equity?

Is there to be any payment between the parties for the Transfer of Equity? If so, please state the amount and who is to receive the same

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

Please provide a copy of your National Insurance Number?

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?

Caveats to be read in supplemental the above Tesco Bank transfer of equity Questions and Answers :

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 Tesco Bank 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 obtain the consent of the freeholder. If such conditions are not complied with you may be in violation of 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 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 conveyancer will check with Tesco Bank 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 Tesco Bank 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 time of completion of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with Tesco Bank your property may be repossessed.

Preparing the Transfer of Equity with a Tesco Bank 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 Tesco Bank 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 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 Tesco Bank transfer of equity