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TSB

Examples of recent questions relating to TSB transfer of equity

  • How and when do I cover the costs of the Stamp Duty Land Tax payable for the transfer of equity in my house in my name alone which is happening at the same time as a switching mortgage via TSB?
  • TSB have just agreed I can take over the home loan on my home. I have applied for a transfer of equity but is this a transfer of ownership of the house in addition?
  • I am trying to find a conveyancing solicitor to handle my transfer of equity. TSB have been approached for a refinancing. I thought of asking my mortgage broker. I am lead to believe he may get a kickback for suggesting a firm, but also of benefit will be that he knows the conveyancer, has dealt with them before. Any flaws you see in this way of thinking?
  • Having been 4 years apart I have decided to transfer my interest in our house to my husband who is refinancing with TSB. Can a transfer of equity be done inside four weeks?
  • Is there such a thing a transfer of equity stamp duty calculator?
  • Me and my partner jointly own a property in Blaenavon . Mortgage is with TSB. I wish to transfer full ownership to him with no exchange of money but without using a conveyancing solicitor. Is this likely to be simple?
  • I am thinking of refinancing my flat in Blaenavon does my lawyer have to be on the TSB Conveyancing panel. The conveyancing also involves a transfer of equity.

Questions that your lawyer may ask about your TSB Transfer of Equity

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

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

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

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

Where you 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?

Please provide a copy of your National Insurance Number?

Information to consider in conjunction with the above TSB transfer of equity Advice :

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 require that you obtain the consent of the landlord. If such terms are not adhered to you may be in breach of the lease. This could trigger 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 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.

Content 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