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Examples of recent questions relating to TSB transfer of equity

  • When it comes to transfer of equity conveyancing involving refinance with TSB should I be paying VAT on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • What is the process for adding or removing names (transfer of equity) to or from my TSB mortgage account?
  • My father passed away early last year leaving a unencumbered semi to me and my half brother 50:50. Having continues to reside at the premises, there was a clause in her will specifying that the propertycould not be sold for three years following her death so he could continue to live there for a specified time frame. He now says he would like to remain in the premises beyond the specified period. We have considered a transfer of equity. Would I be right in thinking that we should get a valuation then he'd get a mortgage in the usual way to buy my half from me?
  • At what point do I cover the costs of stamp duty chargeable for the transfer of equity in my home in my name alone which is taking place simultaneously with a remortgage via TSB?
  • My friend and I got a joint mortgage with TSB on a flat a couple of years ago. I am now thinking of buying a apartment by myself and my friend would like to buy me out. Assuming we can agree a price what are the next steps? Would there be any potential issue with TSB with him being solely liable for the total mortgage as opposed to only half of it?
  • I am in the process of removing a name from a joint mortgage and the TSB need me to use a lawyer to carry out the paperwork. Can you recommend a reasonably priced Dunnington conveyancing solicitor to deal with the transfer of equity? They need to be on the TSB conveyancing panel.
  • What is the process for having someone removed from the title documents to a house if the mortgage is with TSB

Sample of questions in a conveyancer form relating to TSB Transfer of Equity

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

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

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

If are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Would you like us to draw up a Declaration of Trust. If so are you willing to pay for the additional fee (beyond the Transfer of Equity fee)?

Please confirm where you are making any payment for the Transfer of Equity and to whom and disclose the amount?

Information to consider in in addition to the above TSB 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 TSB conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

If your property is leasehold, provisions in the lease may require that you obtain the consent of the landlord. If such conditions are not complied with you may be in breach 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 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 lawyer will check with TSB 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 TSB 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 TSB.

Preparing the Transfer of Equity with a TSB 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 TSB 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 conveyancer 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 TSB transfer of equity