Lloyds TSB Scotland transfer of equity example support desk enquires

• Is there such a thing a transfer of equity stamp duty calculator?
• Can I apply to borrow more money from Lloyds TSB Scotland as part of a Transfer of Equity?
• My ex-wife and I are searching for a responsive conveyancing lawyer to assist in a transfer of equity and refinance with Lloyds TSB Scotland. I I am fearful of being overcharged but with plenty conveyancing organisations who do transfer of equity conveyancing out there...who do I opt for?
• I already have a home loan with Lloyds TSB Scotland and am maintaining my current mortgaging but seeking to have it in my sole name so my former wife will be removed from the mortgage. How long can it take for the paperwork to be processed?
• When it comes to transfer of equity conveyancing involving refinance with Lloyds TSB Scotland should I be paying VAT on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
• I jointly own a house in Miles Platting , with a Lloyds TSB Scotland mortgage with my former husband. He and his new partner are going to acquire my share. We had the go ahead from Lloyds TSB Scotland to remove my name with hers. The transfer of equity has to be completed by a conveyancing solicitor for Lloyds TSB Scotland (apparently). Can we do the Land Registry formalities?
• I am completing a Lloyds TSB Scotland transfer of equity application and have arrived at the section concerning defaults etc. There are some debts that I have been reducing over a long period, in fact they have long since disappeared from my credit rating. Am I obliged to set these out?

Questions that your lawyer may ask in relation to your Lloyds TSB Scotland Transfer of Equity

Information to consider in in addition to the above Lloyds TSB Scotland 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 Lloyds TSB Scotland conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

If your property is leasehold, provisions in the lease may require that you have a license to do so from the freeholder. If such terms are not adhered to you may be in violation of the lease. This could potentially result in 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 conveyancing solicitor will check with Lloyds TSB Scotland 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 Lloyds TSB Scotland 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 valuation of the property at finalisation of the transfer of equity conveyancing.

Preparing the Transfer of Equity with a Lloyds TSB Scotland 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 Lloyds TSB Scotland 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.

Information provided 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.