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Coventry Building Society

Coventry Building Society transfer of equity example support desk enquires

  • Two years ago I purchased a apartment without my partner's name on the ownership paperwork. My conveyancing solicitor said it is due to the fact that she is not in the loan offer with Coventry Building Society. I'm wondering is there any way that I can put her name on the title?
  • My fiance and myself equally own a buy to let. I am a top rate tax payer. Ideally I would like to complete a transfer of equity into her name to reduce our tax on rental income. If Coventry Building Society are content with this the legal fees are not high. However what happens when we sell? As I would no longer be on the title documents am I giving up my CGT relief.
  • I am planning on removing a name from a joint mortgage and the Coventry Building Society need me to use a conveyancer to carry out the legalities. Can you recommend a reasonably priced Ampthill lawyer to deal with the transfer of equity? They need to be on the Coventry Building Society conveyancing panel.
  • What legal advice do I need when doing a transfer of equity where the home loan is to remain with Coventry Building Society?
  • What is the process for having someone removed off the title documents to a property if the mortgage is with Coventry Building Society
  • My divorce is through as is the consent order. Now I need to deal with the transfer of equity for the property and the Coventry Building Society home loan. I have asked Coventry Building Society for the transfer of equity forms. What happens next?
  • Is there such a thing a transfer of equity stamp duty calculator?

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

Please list all persons who occupy the property, their respective ages and relationships to you.

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

If you are adding a person 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.

Has consent been obtained from Coventry Building Society to the proposed transfer of equity?

If 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?

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

Caveats to be read in supplemental the above Coventry Building Society transfer of equity Advice :

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 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 breach 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 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 is dependent 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 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.

Content 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