Sample questions relating to Tipton Coseley Building Society transfer of equity

• How much the typical legal fees are for a transfer of equity? I'm in the process of remortgaging - new loan with Tipton Coseley Building Society - and have been quoted £250 including VAT by Tipton Coseley Building Society's appointed lawyer, Is this is a good price or not?
• My former husband are looking to get a lawyer in place for a refinance with Tipton Coseley Building Society. Transfer of Equity conveyancing is also necessaryI have used the different rating based tools and the results are from all over the country. How necessary is it to appoint a conveyancer local to us?
• I co-own a property in Crabtree , with a Tipton Coseley Building Society loan with my former husband. Him and his new partner are going to buy me out. We had the go ahead from Tipton Coseley Building Society to replace my name with hers. The transfer of equity has to be completed by a lawyer for Tipton Coseley Building Society (supposedly). Is it possible for us to do the Land Registry change?
• Can you tell me how to have a person removed from the deeds to a house if the mortgage is with Tipton Coseley Building Society
• What do I do if I am unhappy with the lawyer who did our transfer of equity transaction?
• Do I need legal advice when doing a transfer of equity where the mortgage is to remain with Tipton Coseley Building Society?
• Given that we have been a number of years separated I have opted to give up my share of our house to my husband who is refinancing with Tipton Coseley Building Society. Could this transfer of equity be done in 28 days?

Information that may be required from your lawyer may ask in relation to your Tipton Coseley Building Society Transfer of Equity

Important warnings to consider in supplemental the above Tipton Coseley Building Society transfer of equity information :

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 premises

If your property is leasehold, provisions in the lease may require that you obtain the consent of the freeholder. If such conditions are not strictly observed 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 as a result of 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 conveyancing solicitor 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 market value of the property at the time of completion of the transfer of equity transaction.

Preparing the Transfer of Equity with a Tipton Coseley 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 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 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.