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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

  • I am looking for a lawyer to undertake my transfer of equity. Co operative Bank have been approached for a refinancing. I considered asking my financial adviser. I am lead to believe he will likely receive a referral fee for recommending a firm, but also of benefit will be that he knows the conveyancing solicitor, has dealt with them before. Is my logic correct?
  • I am answering a Co operative Bank transfer of equity application and have arrived at the questions concerning defaults etc. I do some debts that I have been paying off since 2009, in fact they have long since disappeared from my credit score. Am I obliged to disclose these?
  • Can I apply to borrow a further advance from Co operative Bank as part of a Transfer of Equity?
  • What is the process for having a person removed off the deeds to a house if the home loan is with Co operative Bank
  • Co operative Bank have today agreed I can take over the mortgage on the flat. I have applied for a transfer of equity but presumably there is a transfer of ownership of the title deeds in addition?
  • I bought a property with my brother in 2008 Since purchasing the property, we have both got married. We are now looking to do a transfer of equity so my name comes off the Co operative Bank mortgage. There is a meaningful difference between the value the Co operative Bank hold and what the property would sell for currently. Can you offer any advice?
  • My divorce has gone through as is the consent order. Now I must sort out the transfer of equity for the property and the Co operative Bank mortgage. I have asked Co operative Bank for the transfer of equity forms. What do I do now?

Examples of information requested in a conveyancing solicitor form relating to Co operative Bank Transfer of Equity

Please give the details of anyone to be added to the title deeds?

Have you approached Co operative Bank to obtain consent to 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?

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

Has one of the registered proprietors died? If so please supply us with a copy of all the relevant documents e.g. the will, death certificate etc..

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

General Advice to read in in addition to the above Co operative Bank transfer of equity Advice :

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 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 freeholder. If such terms are not adhered to you may be in violation of your covenants under 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 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 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 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.


Frequently asked questions relating to Co operative Bank transfer of equity