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Are you in need of a Transfer of Equity with a Co operative Bank plc mortgage? Failing to check that a lawyer is on the Co operative Bank plc list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Sample questions relating to Co operative Bank transfer of equity

  • Is there such a thing a transfer of equity stamp duty calculator?
  • The financial adviser has suggested using their conveyancing solicitor for our Transfer of Equity plus remortgage with Co operative Bank - Is it not simpler advisable to just instruct them?
  • Me and my partner jointly own a flat in Romsey . Home loan is with Co operative Bank. I want to transfer full ownership to him with no passing of money but without using a conveyancing solicitor. Is this likely to be simple?
  • My divorce has gone through as is the consent order. Now I need to deal with the transfer of equity on title deeds and the Co operative Bank home loan. I have called Co operative Bank for the transfer of equity forms. What are my next steps?
  • Have recently split up with my wife of twenty years. I'm now living with my parents again and she wishes to remain in the flat and buy me out. What portion do I get. Is it 50% of the equity after redeeming the Co operative Bank home loan? I assume proper valuations are required but I would like ensure that I'm getting what I am entitled to
  • I understand we would need at least AP1 and Transfer Deed. Is this true?
  • Is it possible to transfer the equity held in my property with my Co operative Bank mortgage?

Examples of questions in a conveyancing solicitor questionnaire relating to Co operative Bank Transfer of Equity

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been formalised?

Please provide the name(s) and addresse(s) of anyone who jointly owns the premises with you?

Please let us know of you wish us to draw up a Declaration of Trust. If so are you willing to incur the additional fee (beyond the Transfer of Equity fee)?

Where you are adding someone on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

Is it the case that one of the registered proprietors passed away? If so please forward us with a copy of the Death Certificate, Probate and a copy of the Will.

Information to consider in supporting the above Co operative 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 Co operative Bank 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 restrictions are not strictly observed you may be in breach 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 situations, 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 Co operative 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 Co operative 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 conclusion of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with Co operative Bank your property may be repossessed.

Preparing the Transfer of Equity with a Co operative 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 Co operative 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 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 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.


Frequently asked questions relating to Co operative Bank transfer of equity