Sample questions relating to TSB transfer of equity

• Is it possible to apply to borrow more money from TSB as part of a Transfer of Equity?
• How do I go about adding or subtracting names (transfer of equity) to or from my TSB mortgage account?
• I got divorced in 2011. Foolishly I 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 presumably the way forward. TSB is content to transfer the full equity in my name (financial checks done). Does my ex need a lawyer?
• Me and my partner jointly own a house in Blaenavon . Mortgage is with TSB. I want to transfer full ownership to him with no exchange of money but without using a lawyer. Is this likely to be easy to so?
• I am in the process of removing a name from a joint mortgage and the TSB need me to use a conveyancing solicitor to carry out the paperwork. Can you recommend a reasonably priced Witham conveyancer to deal with the transfer of equity? They need to be on the TSB conveyancing panel.
• What is the process for having a person removed from the deeds to a property if the home loan is with TSB
• What can I do where I am not happy with the lawyer who carried out our transfer of equity transaction?

Information that may be required from your lawyer may ask in relation to your TSB Transfer of Equity

Caveats to be read in conjunction with 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 premises

Should the tenure of your property be leasehold, provisions in the lease may require that you have a license to do so from 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 pursuant to 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 valuation of the property at the time of completion of the transfer of equity conveyancing.

Preparing the Transfer of Equity with a TSB Mortgage

When it comes to preparing the the Land Registry documents your conveyancer 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 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 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.