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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.

Top seven questions relating to Coventry Building Society transfer of equity

  • I am in the process of mortgaging my flat in Crabtree does my lawyer have to be on the Coventry Building Society Solicitor panel. The conveyancing also involves a transfer of equity.
  • I intend to refinance my maisonette in Littleborough switching from Nationwide to Coventry Building Society. The home is currently in joint names but intend for it to be in my name only when I remortgage. My former partner has verbally consented to this and is happy to sign a form but neither of us want to get a second conveyancer involved.
  • Been reviewing online blogs that solicitors are more expensive than licensed conveyancers for transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor if I need to be transferring equity and at the same time refinancing with Coventry Building Society
  • Will I incur any fees for a Transfer of Equity where the existing home loan is with Coventry Building Society?
  • Coventry Building Society yesterday agreed I can take over the home loan on my home. I previously applied for a transfer of equity but is this a transfer of ownership at the Land Registry as well?
  • Law month I separated from my wife of twenty years. I'm now back with my mum and dad and she wishes to remain in the flat and pay me off. What portion do I get. Is it half of the equity after paying off the mortgage with Coventry Building Society? I assume proper valuations are required but I really need ensure that I'm getting I am not being walked over
  • Do I need legal advice when doing a transfer of equity where the mortgage is to remain with Coventry Building Society?

Examples of questions in a conveyancer questionnaire concerning a Coventry Building Society Transfer of Equity

Please let us know of you wish us to draft you Declaration of Trust. If so are you happy to pay for the additional fee (beyond the Transfer of Equity fee)?

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

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

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

Will there be any payment between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive the same

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

Caveats to be read in in addition to the above Coventry Building Society 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 Coventry Building Society 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 require that you have a license to do so from the landlord. If such conditions are not strictly observed you may be in violation of 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 conveyancer 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 valuation of the property at the time of completion of the transfer of equity transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with Coventry Building Society.

Preparing the Transfer of Equity with a Coventry Building Society Mortgage

When it comes to preparing the the Land Registry documents your conveyancer 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 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 Coventry Building Society transfer of equity