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Tesco Bank

Examples of recent questions relating to Tesco Bank transfer of equity

  • My brother and I got a joint mortgage with Tesco Bank on a house in 2013. I am now looking to get a apartment by myself and my friend would like to buy me out. Once we have agreed a price where do we go? Is there likely to be any concerns with Tesco Bank with him being solely liable for the total mortgage as opposed to only part of it?
  • Am I best advised cancel my mortgage payments with Tesco Bank once a date for my remortgage and transfer of equity has been set?
  • My current mortgage is with Tesco Bank. Can I transfer equity to someone who is not yet 18 years old?
  • Will I have to pay any fees for a Transfer of Equity where the current mortgage is with Tesco Bank?
  • My Tesco Bank mortgage is in joint names with ex, he is agreeable to be removed and put the house in my name alone. Tesco Bank will permit the transfer of equity to my individual name. Will Tesco Bank contact my boss to verify my salary?
  • My divorce is through as is the consent order. Now I need to deal with the transfer of equity on title deeds and the Tesco Bank home loan. I have asked Tesco Bank for the transfer of equity forms. What are my next steps?
  • Me and my former wife and I are are seeking to find a responsive conveyancing solicitor to assist in a transfer of equity and refinance with Tesco Bank. I I am fearful of by bill escalating out of control and there's many conveyancing practices who do transfer of equity conveyancing to choose from...who's the best?

Information that may be required from your lawyer is likely to ask about your Tesco Bank Transfer of Equity

Has consent been obtained from Tesco Bank to the proposed 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 give the name(s) and addresse(s) of anyone to be extracted from the property title?

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

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

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

Information to consider in further to the above Tesco Bank transfer of equity Questions and Answers :

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 Tesco Bank conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

Should the tenure of your property be 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 conditions are not strictly observed you may be in breach of your covenants under the lease. This could potentially result in 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 conveyancing solicitor 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 varies based on the market value of the property at the conclusion 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 conveyancing solicitor 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 lawyer 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.


Frequently asked questions relating to Tesco Bank transfer of equity