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Are you in need of a Transfer of Equity with a Whistletree (a trading name of TSB Bank plc) mortgage? Failing to check that a lawyer is on the Whistletree (a trading name of TSB Bank 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.

Frequently asked questions relating to Whistletree transfer of equity

  • What can I do where I am unhappy with the conveyancing solicitor who handled our transfer of equity transaction?
  • Will I have to pay any charges for a Transfer of Equity where the current home loan is with Whistletree?
  • What are the average conveyancing charges are for a transfer of equity? I need to transfer equity and refinance - moving over to Whistletree - and have been quoted £250 plus VAT by Whistletree's appointed conveyancer, Have I been over quoted?
  • What if my application doesn't meet Whistletree lending criteria for a transfer of equity?
  • Me and a friend got a joint mortgage with Whistletree on a property in 2013. I am now looking to get a house by myself and my friend would like to buy me out. On the basis that we can settle on an amount what happens next? Would there be any potential problem with Whistletree with him being on the hook for the total mortgage rather than only half of it?
  • I got my Decree Absolute two years ago. For some reason I never dealt with the change the ownership from the current 'joint' status to my name alone. I am ready to do that and so is she. Transfer-of-equity is needed. Whistletree is willing to transfer the property and loan in my name (financial checks done). Does she need a conveyancer?
  • What is the process for adding or subtracting names (transfer of equity) to or from my Whistletree mortgage account?

Questions that your conveyancing solicitor could ask about your Whistletree Transfer of Equity

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

Has one of the registered owners died? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..

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

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

Please list all persons who occupy the property, their respective ages and relationships to you.

Have you approached Whistletree to obtain consent to the Transfer of Equity

General Advice to read in conjunction with the above Whistletree 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 Whistletree conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

If your property is leasehold, the lease may require that you obtain the consent of the landlord. If such conditions are not strictly observed you may be in violation 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 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 Whistletree 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 Whistletree 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 conclusion of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with Whistletree your property may be repossessed.

Preparing the Transfer of Equity with a Whistletree 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 Whistletree 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.

Content 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 Whistletree transfer of equity