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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

  • Is it possible to apply to borrow a further advance from Coventry Building Society as part of a Transfer of Equity?
  • What do I do if I am unhappy with the conveyancing solicitor who carried out our transfer of equity transaction?
  • What legal advice do I need when doing a transfer of equity where the mortgage is to remain with Coventry Building Society?
  • The financial adviser has suggested using their conveyancer for the Transfer of Equity plus remortgage with Coventry Building Society - Surely it’s better to just use them?
  • My Coventry Building Society home loan is in joint names with ex, who is agreeable to come off the deeds and put the house in my name alone. Coventry Building Society have consented to the transfer of equity to my individual name. Do Coventry Building Society contact my employer to confirm my salary?
  • I currently have a joint Coventry Building Society mortgage with my cousin and am looking into the possibility of him assuming responsibility for the whole mortgage and removing myself from it, so as to enable me to purchase a property with my fiance. The remaining mortgage is in the region 300k, and the property value is in the region 600k. Is this a transfer of equity? Is land tax payable?
  • My former wife are planning to get a conveyancer lined up for a remortgage 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. Do we need to have a lawyer local to us?

Sample of questions in a conveyancer form concerning a Coventry Building Society Transfer of Equity

Please give the name(s) and addresse(s) of anyone to be extracted from the property title?

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

Can you provide the name(s) and addresse(s) of those who jointly own the property with you?

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

Is there to 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 what sums

Where you are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Information to consider 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 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 conditions are not complied with you may be in violation of 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 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 conveyancing solicitor 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 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 lawyer 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.

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