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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.

Top seven questions relating to TSB transfer of equity

  • What if my application doesn't meet TSB lending criteria for a transfer of equity?
  • I plan to remortgage my maisonette in Littleborough moving from Accord to TSB. The apartment is currently in joint names but intend for it to be in my name only when I switch. My former partner is OK with this and is happy to sign a form but neither of us want to get a second conveyancer involved.
  • How do I go about adding or subtracting names (transfer of equity) to or from my TSB mortgage account?
  • My ex-wife and I are searching for a dependable conveyancing solicitor to help me sell in a transfer of equity and refinance with TSB. I I am fearful of being overcharged but with so many conveyancing solicitors who do transfer of equity conveyancing out there...who do I opt for?
  • My wife and myself have 50:50 shares in a BTL. I am a higher rate tax payer. Ideally I wish to do a transfer of equity to her sole name with a view to mitigate tax on rental income. Assuming TSB are content with this the legal fees are inexpensive. However what happens when we sell? As I would no longer be on the deeds would I lose my CGT relief.
  • I am led to believe we would need at least AP1 and Transfer Deed. Is this true?
  • I am in the process of mortgaging my flat in Wakefield does my lawyer have to be on the TSB Conveyancing panel. The conveyancing also involves a transfer of equity.

Questions that your lawyer is likely to ask in relation to your TSB Transfer of Equity

Please inform us where you are providing any payment for the Transfer of Equity and to whom and disclose the amount?

If you are adding someone 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 the transfer of equity subject to a court order? If yes please supply a copy

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

Please let us know of you wish us to draft you Declaration of Trust. If so are you willing to pay for the additional fee (beyond the Transfer of Equity fee)?

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

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

Should the tenure of your property be leasehold, the lease may require that you obtain the consent of the freeholder. If such terms are not adhered to 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 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 conveyancer 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 conclusion of the transfer of equity transaction.
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 provided on 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