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Are you in need of a Transfer of Equity with a Coventry Building Society mortgage? Failing to check that a lawyer is on the Coventry Building Society 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 Coventry Building Society transfer of equity

  • Coventry Building Society have just agreed I can take over the mortgage on my home. I had applied for a transfer of equity but presumably there is a transfer of ownership at HMLR as well?
  • Is it possible to transfer the equity held in my property with my Coventry Building Society mortgage?
  • I am disposing of my share of a house in Warwick to my co-owners husband, they are reapplying to Coventry Building Society. We are haggling as to who should pay the fees for the transfer of equity. Is this usually split or is one party obliged to cover the costs of?
  • I am completing a Coventry Building Society transfer of equity request and have come to the section that asks about defaults etc. I do some debts that I have been reducing since 2009, in fact they no longer remain my credit records. Must I set these out?
  • At what stage do I cover the costs of stamp duty chargeable for the transfer of equity in my property in my sole name which is taking place at the same time as a switching mortgage with Coventry Building Society?
  • My decree absolute is through as is the consent order. Now I must address the transfer of equity for the property and the Coventry Building Society mortgage. I have asked Coventry Building Society for the transfer of equity application. What happens next?
  • My former husband are seeking to get a lawyer in place for a refinance with Coventry Building Society. Transfer of Equity conveyancing is also neededI have used the different comparison based tools and the results are from all over the country. How necessary is it to have a conveyancing solicitor local to us?

Examples of questions in a conveyancing solicitor questionnaire relating to Coventry Building Society Transfer of Equity

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

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?

Can you give the name(s) and addresse(s) of anyone who jointly owns the property with you?

If are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

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

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)

Information to consider in supporting the above Coventry Building Society 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 Coventry Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

If your property is 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 terms are not adhered to you may be in breach of the lease. This could potentially result in 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 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 lawyer will check with Coventry Building Society 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 Coventry Building Society 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 conclusion of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with Coventry Building Society your property may be repossessed.

Preparing the Transfer of Equity with a Coventry Building Society 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 Coventry Building Society 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 conveyancing solicitor 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 Coventry Building Society transfer of equity