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Tipton Coseley Building Society

Are you in need of a Transfer of Equity with a Tipton Coseley Building Society mortgage? Failing to check that a lawyer is on the Tipton Coseley 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.

Frequently asked questions relating to Tipton Coseley Building Society transfer of equity

  • After 2 a couple of years estranged I have decided to give up my interest in our apartment to my husband who is refinancing with Tipton Coseley Building Society. Can a transfer of equity be completed within one month?
  • Do I need legal advice when doing a transfer of equity where the mortgage is to remain with Tipton Coseley Building Society?
  • My former wife are seeking to get a conveyancing solicitor lined up for a refinance with Tipton Coseley Building Society. Transfer of Equity conveyancing is also neededI have used the different comparison based tools and the results are from all over England and Wales. How necessary is it to instruct a lawyer local to us?
  • Is it sensible to stop the direct debit for my mortgage with Tipton Coseley Building Society once a date for my remortgage and transfer of equity has been agreed?
  • Been looking at consumer blogs that solicitors are more expensive than licensed conveyancers for transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor if I need to be transferring equity and at the same time refinancing with Tipton Coseley Building Society
  • What should I be budgeting for when it comes to what solicitors fees are for a transfer of equity? I need to transfer equity and remortgage - moving over to Tipton Coseley Building Society - and have been quoted £250 including VAT by Tipton Coseley Building Society's approved lawyer, Is this a reasonable price?
  • Tipton Coseley Building Society have just agreed I can take over the home loan on my home. I previously applied for a transfer of equity but presumably there is a transfer of ownership at the Land Registry on top?

Examples of questions in a conveyancer questionnaire concerning a 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?

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

We need you to supply the National Insurance Number(s) of all the new owners (required for completion of the Stamp Duty Land Tax Form)

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?

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

Is there to be any consideration monies passing between the parties for the Transfer of Equity? If so, please state the amount and who is to receive the same

Caveats to be read in conjunction with the above Tipton Coseley Building Society transfer of equity Info :

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 titles

Should the tenure of your property be leasehold, provisions in the lease may require that you obtain the consent of the landlord. If such conditions are not complied with you may be in breach of your covenants under the lease. This could trigger 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 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 transaction.
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 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 conveyancing solicitor 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 Tipton Coseley Building Society transfer of equity