Lloyds TSB Scotland transfer of equity: q and a’s

• I am planning on removing a name from a joint mortgage and the Lloyds TSB Scotland need me to use a lawyer to carry out the conveyancing. Can you recommend a reasonably priced Rye lawyer to deal with the transfer of equity? They need to be on the Lloyds TSB Scotland conveyancing panel.
• What if my application doesn't meet Lloyds TSB Scotland lending criteria for a transfer of equity?
• My decree absolute has gone through as is the consent order. Now I need to address the transfer of equity for the property and the Lloyds TSB Scotland home loan. I have asked Lloyds TSB Scotland for the transfer of equity forms. What happens next?
• My Lloyds TSB Scotland mortgage is in joint names with ex, who has agreed to come off the mortgage and put the house in my name alone. Lloyds TSB Scotland will permit the transfer of equity to my individual name. Do Lloyds TSB Scotland contact my boss to confirm my salary?
• Have recently separated from my wife of twenty years. I'm now living with my mum and dad and she wishes to remain in the apartment and buy me out. What portion am I entitled to. Is it half of the equity after paying off the Lloyds TSB Scotland home loan? I assume proper valuations are required but I would like to be confident that I'm getting I am not being walked over
• I currently have a joint Lloyds TSB Scotland mortgage with my brother and am investigating the feasibility of him taking on the outstanding mortgage and removing myself from it, to enable me to purchase a place with my partner. The remaining mortgage is in the region 250k, and the property value is in the region 450k. Is this a transfer of equity? Is land tax due?
• I am disposing of my share of a property in Woodside to the other co-owners husband, they are sticking with Lloyds TSB Scotland being the the existing mortgage company. We are in heated discussion as to who must pay the costs of the transfer of equity. Should this be shared or is one of us obliged to cover the legal bill?

Examples of information requested in a conveyancing solicitor questionnaire relating to Lloyds TSB Scotland Transfer of Equity

General Advice to read in further 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 premises

If your property is 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 conditions are not complied with 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 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 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 is dependent on the valuation of the property at the conclusion of the transfer of equity transaction.

Preparing the Transfer of Equity with a Lloyds TSB Scotland 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 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 conveyancer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Information contained within 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.