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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.

Co operative Bank transfer of equity example support desk enquires

  • Do I need legal advice when doing a transfer of equity where the home loan is to remain with Co operative Bank?
  • What if my application doesn't meet Co operative Bank lending criteria for a transfer of equity?
  • Our mortgage broker has recommended their conveyancing solicitor for my Transfer of Equity plus remortgage with Co operative Bank - won’t it be advisable to just use them?
  • Me and a friend got a joint mortgage with Co operative Bank on a flat about a year ago. I am now thinking of buying a flat on my own and my friend would like to buy me out. On the basis that we can settle on an amount what are the next steps? Is there likely to be any issue with Co operative Bank with him being on the hook for the total loan rather than only half of it?
  • I am refinancing my home in Miles Platting does my lawyer need to be on the Co operative Bank Solicitor panel. The conveyancing also involves a transfer of equity.
  • After four years estranged I have opted to transfer my interest in our flat to my husband who is refinancing with Co operative Bank. Could this transfer of equity be completed inside one month?
  • I am led to believe we would need at least AP1 and TR1. Is this true?

Questions that your conveyancer is likely to ask in relation to your Co operative Bank Transfer of Equity

Has consent been obtained from Co operative Bank to the proposed transfer of equity?

Please list all persons who occupy the property, their respective ages and relationships to you.

Please provide a copy of your National Insurance Number?

Would you like us to draw up a Declaration of Trust. If so are you willing to incur the further fee (beyond the Transfer of Equity fee)?

Who will be responsible for the costs of the Transfer of Equity?

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

Important warnings to consider in supplemental the above Co operative Bank transfer of equity Info :

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 Co operative Bank 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 have a requirement for notices to be served and that you obtain the consent of the freeholder. If such conditions are not complied with 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 as a result of 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 varies based on the market value of the property at finalisation of the transfer of equity transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with Co operative Bank.

Preparing the Transfer of Equity with a Co operative Bank Mortgage

When it comes to preparing the the Land Registry documents your lawyer 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 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.


Frequently asked questions relating to Co operative Bank transfer of equity