Sample questions relating to Coventry Building Society transfer of equity
- Coventry Building Society yesterday agreed I can take over the mortgage on my home. I have applied for a transfer of equity but is this a transfer of ownership at the Land Registry in addition?
- I am planning on removing a name from a joint mortgage and the Coventry Building Society require me to use a conveyancer to carry out the legalities. Can you recommend a reasonably priced Crabtree
lawyer to deal with the transfer of equity? They need to be on the Coventry Building Society conveyancing panel.
- Two years ago I purchased a flat without my fiance’s name on the title documents. My lawyer advised it is because she is not in the loan offer with Coventry Building Society. I'm wondering is there any way that I can add her name on the documents at HMLR?
- After a number of years apart I have decided to transfer my interest in the property to my husband who is re-mortgaging with Coventry Building Society. Can a transfer of equity be completed inside four weeks?
- My partner and I co-own a house in Romsey
. Mortgage is with Coventry Building Society. I would like to transfer full ownership to him with no payment of money but without using a conveyancer. Is this likely to be easy to so?
- What is the process for adding or removing names (transfer of equity) to or from my Coventry Building Society mortgage account?
- My mum died last March leaving a unencumbered house to me and my half brother in equal shared. Having continues to reside at the house, there was a provision in her will specifying that the housecould not be sold for three years after her passing so he could reside there for a while. He now wants to remain in the property beyond the prescribed period. We have discussed a transfer of equity. Am I right in saying we'd get a valuation then he'd get a mortgage in the conventional way to buy my half from me?
Sample of information requested in a conveyancer form relating to Coventry Building Society Transfer of Equity
Is it the case that one of the registered proprietors passed away? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..
Please list all persons who occupy the property, their respective ages and relationships to you.
Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?
Please provide the details of anyone to be removed from the title deeds?
Who will be responsible for the costs of the Transfer of Equity?
Please provide the name(s) and addresse(s) of anyone to be added to the property title?
Important warnings to consider in conjunction with the above Coventry Building Society transfer of equity Questions and Answers :
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 Coventry Building Society conveyancing panel and accountant before transferring equity.
Transfer of Equity Conveyancing for Leasehold premises
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 conditions are not complied with you may be in breach of the lease. This could trigger the freeholder taking enforcement action against you.
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 is dependent on the market value of the property at the conclusion 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 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 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.