Top seven questions relating to Tipton Coseley Building Society transfer of equity
- I am answering a Tipton Coseley Building Society transfer of equity application and have come to the questions that asks about defaults etc. I do some debts that I have been paying off for a number of years, I understand that they no longer remain my credit rating. Must I set these out?
- How and when do I cover the costs of stamp duty due for the transfer of equity in my property in my name alone which is taking place at the same time as a switching mortgage via Tipton Coseley Building Society?
- My Tipton Coseley Building Society mortgage we jointly entered into with ex, he is agreeable to come off the mortgage and let me have the property. Tipton Coseley Building Society have consented to the transfer of equity to my individual name. Will Tipton Coseley Building Society get in touch with my boss to verify my salary?
- My brother and I got a joint mortgage with Tipton Coseley Building Society on a house about a year ago. I am now thinking of purchasing a property on my own and my friend would like to buy me out. On the basis that we can settle on a price where do we go? Is there likely to be any concerns with Tipton Coseley Building Society with him being solely liable for the total loan as opposed to only part of it?
- Tipton Coseley Building Society have today agreed I can take over the mortgage on the flat. I previously applied for a transfer of equity but presumably there is a transfer of ownership of the house as well?
- My divorce has gone through as is the consent order. Now I must address the transfer of equity for the property and the Tipton Coseley Building Society home loan. I have contacted Tipton Coseley Building Society for the transfer of equity forms. What happens next?
- Last year purchased a house without my wife's name on the title documents. My lawyer said it is because she was not in the mortgage with Tipton Coseley Building Society. Is it possible for me to add her name on the deeds?
Questions that your lawyer could ask in relation to your Tipton Coseley Building Society Transfer of Equity
Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you
Please provide a copy of your National Insurance Number?
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?
Is it the case that one of the registered proprietors passed away? If so please forward us with a copy of the Death Certificate, Probate and a copy of the Will.
Is the transfer of equity subject to a court order? If yes please supply a copy
If you are adding a person on to the property how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.
General Advice to read in further to 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 titles
If your property is leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such restrictions 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 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 is dependent on the market value of the property at the conclusion 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 conveyancing solicitor 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.
Information provided 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.