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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.

Common questions relating to Whistletree transfer of equity

  • Our mortgage broker has suggested using their conveyancing solicitor for my Transfer of Equity plus remortgage with Whistletree - won’t it be better to just use them?
  • I am in the process of refinancing my home in Timperley does my lawyer have to be on the Whistletree Conveyancing panel. The conveyancing also involves a transfer of equity.
  • My divorce is through as is the consent order. Now I must deal with the transfer of equity for the property and the Whistletree home loan. I have called Whistletree for the transfer of equity application. What do I do now?
  • My Whistletree mortgage we jointly entered into with ex, he is agreeable to be removed and let me have the property. Whistletree will permit the transfer of equity to my individual name. Will Whistletree get in touch with my employer to confirm my salary?
  • Can I transfer the equity held in my property with my Whistletree home loan?
  • I purchased a property with my cousin in 2009 Since buying the property, we have both got married. We are now seeking to do a transfer of equity so my name is taken off the Whistletree mortgage. There is a meaningful difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
  • At what stage do I incur the Stamp Duty Land Tax chargeable for the transfer of equity in my house in my sole name which is happening simultaneously with a remortgage with Whistletree?

Information that may be required from your conveyancer is likely to ask in relation to your Whistletree Transfer of Equity

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

Please confirm if you are making any payment for the Transfer of Equity and to whom and specify the amount?

Is the transfer of equity subject to a court order? If yes please supply a copy

Please provide the details of anyone to be removed from the property title?

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.

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

Caveats to be read in conjunction with the above Whistletree transfer of equity Info :

Tax and Legal

There are numerous potential 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 premises

Should the tenure of your property be 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 landlord. If such restrictions are not strictly observed 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 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 conveyancer 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 finalisation 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 conveyancer 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 conveyancing solicitor 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