Recently asked questions relating to Teachers Building Society transfer of equity

• How much the typical solicitors costs are for a transfer of equity? I need to transfer equity and remortgage - moving over to Teachers Building Society - and have been quoted £350 including VAT by Teachers Building Society's approved lawyer, Is this is a good price or not?
• I already have a home loan with Teachers Building Society and am retaining my existing mortgaging but applying to have have the equity transferred to my name alone so my ex won't be on it any longer. How long do Teachers Building Society take to process the application?
• My decree absolute is through as is the consent order. Now I need to address the transfer of equity on title deeds and the Teachers Building Society mortgage. I have called Teachers Building Society for the transfer of equity forms. What do I do now?
• I co-own a property in Winchelsea , with a Teachers Building Society mortgage with my ex husband. He and his fiance are going to acquire my share. We had the go ahead from Teachers Building Society to replace my name with hers. The transfer of equity needs to be done by a conveyancing solicitor for Teachers Building Society (apparently). Is it possible for us to deal with the Land Registry change?
• Do I need legal representation when doing a transfer of equity where the mortgage is to remain with Teachers Building Society?
• Me and my partner co-own a flat in Blaenavon . Mortgage is with Teachers Building Society. I want to transfer full ownership to him with no payment of money but without using a lawyer. Is this likely to be easy to so?
• I am transferring my share of a flat in Hendon to the other co-owners fiance, they are sticking with Teachers Building Society as the the existing mortgage company. We are in heated discussion as to who should pay the fees for the transfer of equity. Is this normally split or is one of us liable for the legal bill?

Questions that your conveyancer could ask regarding your Teachers Building Society Transfer of Equity

Caveats to be read in in addition to the above Teachers Building Society transfer of equity Questions and Answers :

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 Teachers Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

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 breach 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 Teachers Building Society 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 Teachers Building Society 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 market value of the property at finalisation of the transfer of equity conveyancing.

Preparing the Transfer of Equity with a Teachers Building Society 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 Teachers Building Society 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.

Content 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.