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Coventry Building Society

Sample questions relating to Coventry Building Society transfer of equity

  • My friend and I got a joint mortgage with Coventry Building Society on a apartment a couple of years ago. I am now looking to get a flat by myself and my friend would like to buy me out. On the basis that we can settle on a price what are the next steps? Is there likely to be any problem with Coventry Building Society with him being responsible for the total loan rather than only half of it?
  • What can I do where I am dissatisfied with the lawyer who undertook my transfer of equity conveyancing?
  • Me and my former wife and I are searching for a trustworthy conveyancing lawyer to help me sell in a transfer of equity and remortgage with Coventry Building Society. I really don't want to get ripped off and there are various conveyancing firms who do transfer of equity conveyancing out there...who do I opt for?
  • My Coventry Building Society mortgage is in joint names with ex, who is agreeable to come off the mortgage and put the house in my name alone. Coventry Building Society will permit the transfer of equity to me solely. Will Coventry Building Society get in touch with my employer to confirm my salary?
  • When it comes to transfer of equity conveyancing involving refinance with Coventry Building Society should I be invoiced VAT on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • I already have a home loan with Coventry Building Society and am keeping my current mortgaging but applying to have it in my name only so my former partner won't be on it any longer. How long can it take for the application to be processed?
  • Can you tell me how to have a person removed from the deeds to a property if the mortgage is with Coventry Building Society

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

Where you are adding someone on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

Is it the case that one of the registered proprietors passed away? If so please provide us with a copy of the Death Certificate, Probate and a copy of the Will.

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

Will there 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 sums

Is the transfer of equity subject to a court order? If yes please supply a copy

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

Important warnings to consider in supplemental the above Coventry Building Society transfer of equity Questions and Answers :

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

Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such terms are not adhered to you may be in breach of your covenants under 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 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 finalisation of the transfer of equity transaction.
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 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 contained within 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