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.
• I am searching for an affordable conveyancing solicitor to help me sell in a transfer of equity and remortgage with Lloyds TSB Scotland. I I am fearful of being overcharged but with lots of conveyancing organisations who do transfer of equity conveyancing out there...who's the best?
• Can you tell me how to have someone removed off the title documents to a house where the mortgage is with Lloyds TSB Scotland
• I plan to remortgage my maisonette in Rye moving from Virgin Money to Lloyds TSB Scotland. The maisonette is currently in joint names but wish for it to be in my sole name once I remortgage. My husband is OK with this and is happy to transfer equity but neither of us want to incur conveyancer fees.
• When it comes to transfer of equity conveyancing involving a remortgage with Lloyds TSB Scotland should I be charged 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
• My financial adviser has recommended their lawyer for the Transfer of Equity plus remortgage with Lloyds TSB Scotland - Is it not simpler advisable to just use them?
• My Lloyds TSB Scotland home loan is in joint names with ex, he has agreed to be removed and let me have the property. Lloyds TSB Scotland will permit the transfer of equity to my individual name. Will Lloyds TSB Scotland get in touch with my company to verify my salary?

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.