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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.

Common questions relating to Co operative Bank transfer of equity

  • Am I best advised stop my mortgage payments with Co operative Bank as soon as a date for my remortgage and transfer of equity has been set?
  • Me and my former fiance and I are are seeking to find a value for money conveyancing lawyer to assist in a transfer of equity and refinance with Co operative Bank. I I am concerned about appointing the wrong one and there's so many conveyancing firms who do transfer of equity conveyancing to choose from...how do I know which is best select?
  • What do I need to do when it comes adding or removing names (transfer of equity) to or from my Co operative Bank mortgage account?
  • What legal advice do I need when doing a transfer of equity where the mortgage is to remain with Co operative Bank?
  • My divorce is through as is the consent order. Now I have to deal with the transfer of equity on title deeds and the Co operative Bank mortgage. I have asked Co operative Bank for the transfer of equity forms. What do I do now?
  • My Co operative Bank mortgage we jointly entered into with ex, who has agreed to be removed and let me have the property. Co operative Bank have consented to the transfer of equity to my individual name. Will Co operative Bank contact my employer to verify my salary?
  • My ex are planning to get a conveyancer in place for a new mortgage with Co operative Bank. Transfer of Equity conveyancing is also neededI have used the different rating based tools and the results are from all over UK. How necessary is it to have a conveyancer local to us?

Questions that your conveyancing solicitor could ask regarding your Co operative Bank Transfer of Equity

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)?

We need you to provide the National Insurance Number(s) of all the new owners (required for completion of the Stamp Duty Land Tax Form)

Please give the details of those who jointly own the premises with you?

Have you approached Co operative Bank to obtain consent to the Transfer of Equity

Is there to be any consideration monies passing between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive what figure

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?

Important warnings 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

Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you have a license to do so from 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 the time of completion of the transfer of equity transaction.
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 conveyancer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Content 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