TSB transfer of equity example support desk enquires

• Three years ago I purchased a flat without my wife's name on the deeds. My lawyer claimed it is because she was not in the loan offer with TSB. I'm wondering is there any way that I can put her name on the documents at HM Land Registry?
• My TSB mortgage is in joint names with ex, he has agreed to come off the mortgage and let me have the property. TSB will permit the transfer of equity to me solely. Will TSB contact my employer to check my salary?
• I got my Decree Absolute four years ago. For some reason I never dealt with the transfer ownership from both our names to my name alone. I am ready to do that and so is she. Transfer-of-equity is needed. TSB is willing to transfer the full equity in my name (affordability checks done). Does my ex need a solicitor?
• What if my application doesn't meet TSB lending criteria for a transfer of equity?
• What legal advice do I need when doing a transfer of equity where the mortgage is to remain with TSB?
• Is there such a thing a transfer of equity stamp duty calculator?
• Me and a friend got a joint mortgage with TSB on a house in 2013. I am now looking to get a flat on my own and my friend would like to buy me out. Assuming we can agree an amount what are the next steps? Would there be any potential issue with TSB with him being on the hook for the total loan as opposed to only half of it?

Information that may be required from your conveyancing solicitor could ask in relation to your TSB Transfer of Equity

General Advice to read in conjunction with the above TSB 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 TSB conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

Should the tenure of your property be leasehold, provisions in the lease may require that you have a license to do so from the landlord. If such conditions are not complied with you may be in breach of the lease. This could trigger 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 conveyancer will check with TSB 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 TSB 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 the time of completion of the transfer of equity transaction.

Preparing the Transfer of Equity with a TSB 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 TSB 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 lawyer 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.