Examples of recent questions relating to Tesco Bank transfer of equity

• I am filling out a Tesco Bank transfer of equity request and have arrived at the questions that asks about debts etc. There are some debts that I have been paying off over a long period, in fact they have long since disappeared from my credit score. Must I set these out?
• Is it possible to transfer the equity held in my property with my Tesco Bank home loan?
• I got divorced in 2010. Foolishly I never dealt with the transfer ownership from both our names to my sole name. I am ready to do that and so is she. Transfer-of-equity is presumably the way forward. Tesco Bank is happy to transfer the full equity in my name (financial checks done). Does she need a lawyer?
• I am mortgaging my apartment in Ampthill does my lawyer need to be on the Tesco Bank Conveyancing panel. The conveyancing also involves a transfer of equity.
• My divorce is through as is the consent order. Now I need to sort out the transfer of equity at the HMLR and the Tesco Bank mortgage. I have asked Tesco Bank for the transfer of equity application. What are my next steps?
• My Tesco Bank home loan we jointly entered into with ex, he is agreeable to come off the deeds and let me have the property. Tesco Bank will permit the transfer of equity to me solely. Do Tesco Bank call my boss to confirm my salary?
• I purchased a property with a friend in 2010 Since then, we have both got married. We are now looking to do a transfer of equity so my name is removed the Tesco Bank mortgage. There is a 40k difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?

Information that may be required from your lawyer could ask about your Tesco Bank Transfer of Equity

Important warnings to consider in supporting the above Tesco Bank 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 Tesco Bank 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 have a requirement for notices to be served and that you obtain the consent of the landlord. If such terms are not adhered to you may be in violation of your covenants under 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 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 lawyer will check with Tesco Bank 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 Tesco Bank 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 time of completion of the transfer of equity transaction.

Preparing the Transfer of Equity with a Tesco Bank 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 Tesco Bank 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 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.