LenderPanel.com

Find a Law Firm approved by
Whistletree

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.

Top seven questions relating to Whistletree transfer of equity

  • Is it possible to apply to borrow a further advance from Whistletree as part of a Transfer of Equity?
  • After 5 years estranged I have made the decision to transfer my share of our house to my husband who is refinancing with Whistletree. Can a transfer of equity be completed in four weeks?
  • The mortgage broker has suggested using their conveyancer for my Transfer of Equity plus remortgage with Whistletree - Is it not simpler better to just use them?
  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with Whistletree?
  • At what stage do I cover the costs of stamp duty payable for the transfer of equity in my house in my sole name which is taking place at the same time as a remortgage with Whistletree?
  • I intend to remortgage my flat in Friern Barnet changing from Skipton to Whistletree. The home is jointly owned but propose for it to be in my name only once I remortgage. My wife has agreed to this and is willing to sign a form but neither of us want to get a second conveyancing solicitor involved.
  • Am I best advised stop my mortgage payments with Whistletree as soon as a date for my remortgage and transfer of equity has been set?

Examples of information requested in a conveyancer questionnaire concerning a Whistletree Transfer of Equity

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

If are going to hold 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 confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

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

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)?

Will there be any payment between the parties for the Transfer of Equity? If so, please state the amount and who is to receive the same

Important warnings to consider in conjunction with the above Whistletree transfer of equity Info :

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

Should the tenure of your property be leasehold, the lease may require that you obtain the consent of the landlord. 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 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 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 varies based on the market value 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 lawyer 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 Whistletree transfer of equity