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Are you in need of a Transfer of Equity with a TSB plc mortgage? Failing to check that a lawyer is on the TSB 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.

Examples of recent questions relating to TSB transfer of equity

  • My partner and I jointly own a flat in Friern Barnet . Mortgage is with TSB. I wish to transfer full ownership to him with no payment of money but without using a conveyancing solicitor. Is this likely to be simple?
  • Is it possible to transfer the equity held in my property with my TSB home loan?
  • Me and a friend got a joint mortgage with TSB on a flat a couple of years ago. I am now looking to get a flat on my own and my friend would like to buy me out. On the basis that we can settle on a price what are the next steps? Would there be any potential issue with TSB with him being on the hook for the total mortgage rather than only part of it?
  • I got my Decree Absolute in 2012. I simply never dealt with the transfer ownership from both our names to my name alone. I now plan to deal with it and there are no objections. Transfer-of-equity is needed. TSB is happy to transfer the full equity in my name (financial checks done). Does my ex need a lawyer?
  • At what stage do I cover the costs of stamp duty chargeable for the transfer of equity in my house in my name alone which is happening at the same time as a switching mortgage with TSB?
  • I am trying to find a conveyancing solicitor to deal with my transfer of equity. TSB have been approached for a refinancing. I considered asking my financial adviser. I am lead to believe he may get a kickback for suggesting someone, but also of benefit will be that he knows the conveyancer, has dealt with them before. Is my logic flawed?
  • Will I have to pay any charges for a Transfer of Equity where the existing home loan is with TSB?

Sample of questions in a conveyancing solicitor form relating to TSB Transfer of Equity

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

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

Please give the name(s) and addresse(s) of anyone to be added to the property title?

Where you are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

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

Is it the case that one of the registered proprietors passed away? If so please supply us with a copy of all the relevant documents e.g. the will, death certificate etc..

Information to consider in in addition to the above TSB transfer of equity information :

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 TSB 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 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 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 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 varies based on the valuation of the property at finalisation of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with TSB your property may be repossessed.

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