Tipton Coseley Building Society transfer of equity example support desk enquires
- I jointly own a apartment in Rye
, with a Tipton Coseley Building Society mortgage with my ex husband. He and his fiance are going to buy me out. We had approval from Tipton Coseley Building Society to replace my name with hers. The transfer of equity needs to be completed by a conveyancing solicitor for Tipton Coseley Building Society (apparently). In order to save fees can I deal with the Land Registry formalities?
- Me and my partner co-own a flat in Dunnington
. Home loan is with Tipton Coseley Building Society. I want to transfer full ownership to him with no passing of money but without using a lawyer. Do you think this should be straightforward?
- What are my options where I am dissatisfied with the conveyancer who did our transfer of equity transaction?
- I am filling out a Tipton Coseley Building Society transfer of equity form and have come to the section concerning debts etc. There are some debts that I have been clearing over a long period, in fact they no longer remain my credit rating. Do I need to reveal these?
- My mother died early last year leaving a unencumbered house to me and my step brother equally. Having continues to reside at the house, there was a clause 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 says he would like to remain in the premises beyond the specified 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 traditional way to buy my equity?
- What legal advice do I need when doing a transfer of equity where the home loan is to remain with Tipton Coseley Building Society?
- Is there such a thing a transfer of equity stamp duty calculator?
Sample of information requested in a conveyancing solicitor form relating to Tipton Coseley Building Society Transfer of Equity
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?
Please let us know of you wish us to draw up a Declaration of Trust. If so are you willing to pay for the additional fee (beyond the Transfer of Equity fee)?
Can you provide the name(s) and addresse(s) of anyone who jointly owns the property with you?
Is the transfer of equity subject to a court order? If yes please supply a copy
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.
Important warnings to consider in in addition to the above Tipton Coseley 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 Tipton Coseley Building Society conveyancing panel and accountant before transferring equity.
Transfer of Equity Conveyancing for Leasehold properties
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 conditions are not strictly observed you may be in breach of the lease. This could potentially result in the freeholder taking enforcement action against you.
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 lawyer will check with Tipton Coseley 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 Tipton Coseley 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 conveyancing.
If you do not keep up the payments on your mortgage with Tipton Coseley Building Society your property may be repossessed.
Preparing the Transfer of Equity with a Tipton Coseley 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 Tipton Coseley 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 lawyer 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.