LenderPanel.com

Find a Law Firm for your Transfer of Equity approved by
TSB

Examples of recent questions relating to TSB transfer of equity

  • My financial adviser has suggested using their conveyancer for my Transfer of Equity plus remortgage with TSB - Surely it’s easier to just instruct them?
  • My TSB mortgage is in joint names with ex, he has agreed to be removed and put the house in my name alone. TSB will permit the transfer of equity to me solely. Do TSB call my company to verify my salary?
  • My ex-fiance and I are are seeking to find a trustworthy conveyancing solicitor to help me sell in a transfer of equity and refinance with TSB. I am aware of the dangers of getting ripped off but with many conveyancing solicitors who do transfer of equity conveyancing out there...who do I opt for?
  • What are the average legal charges are for a transfer of equity? I'm in the process of remortgaging - moving over to TSB - and have been quoted £350 excluding VAT by TSB's approved lawyer, Is this is a good price or not?
  • Been looking at online blogs that solicitors are more expensive than licensed conveyancers for transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor where I need to be transferring equity and simultaneously remortgaging with TSB
  • Will I have to pay any fees for a Transfer of Equity where the current home loan is with TSB?
  • Me and a friend got a joint mortgage with TSB on a house about a year ago. I am now thinking of buying a house on my own and my friend would like to buy me out. On the basis that we can settle on an amount what are the next steps? Would there be any potential problem with TSB with him being on the hook for the total mortgage rather than only half of it?

Questions that your conveyancing solicitor could ask in relation to your TSB Transfer of Equity

Where you are adding a person on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

Please provide the details of anyone to be removed from 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

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?

Will there be any consideration monies passing between the parties for the Transfer of Equity? If so, please state the amount and who is to receive what figure

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

General Advice to read in supplemental the above TSB 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 TSB conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

If your property is 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 freeholder. 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 market value of the property at the time of completion of the transfer of equity transaction.
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 conveyancer 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 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