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Tipton Coseley Building Society

Tipton Coseley Building Society transfer of equity example support desk enquires

  • My existing mortgage is with Tipton Coseley Building Society. Can I transfer equity to someone who is not yet eighteen years old?
  • I am disposing of my share of a house in Birmingham to the other co-owners husband, they are reapplying to Tipton Coseley Building Society. We are debating as to who must cover the fees for the transfer of equity. Should this be shared or is one party obliged to cover the legal bill?
  • How and when do I incur stamp duty due for the transfer of equity in my property in my sole name which is happening at the same time as a switching mortgage with Tipton Coseley Building Society?
  • Me and my former fiance and I are are seeking to find a value for money conveyancing lawyer to assist in a transfer of equity and remortgage with Tipton Coseley Building Society. I I am concerned about being overcharged and there's many conveyancing solicitors who do transfer of equity conveyancing out there...who's the best?
  • Me and my partner jointly own a property in Rye . Home loan is with Tipton Coseley Building Society. I wish to transfer full ownership to him with no exchange of money but without using a conveyancing solicitor. Do you think this should be easy to so?
  • Have recently split up with my partner of 18 years. I'm now back with my mum and dad and she wishes to remain in the apartment and pay me off. What portion do I get. Is it half of the equity after paying off the Tipton Coseley Building Society home loan? I assume proper valuations are necessary but I really need to be confident that I'm getting what I am entitled to
  • What are my options where I am not happy with the conveyancer who conducted our transfer of equity transaction?

Information that may be required from your conveyancing solicitor could ask about your Tipton Coseley Building Society Transfer of Equity

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

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

Please give the details of anyone to be removed from the property title?

If are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Has one of the registered proprietors died? If so please supply us with a copy of the Death Certificate, Probate and a copy of the Will.

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

Important warnings to consider in in addition to the above Tipton Coseley Building Society transfer of equity Questions and Answers :

Tax and Legal

There are numerous potential 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, the lease may have a requirement for notices to be served and that you have a license to do so from the landlord. If such conditions are not complied with 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 pursuant to 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 conveyancer 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 valuation of the property at finalisation 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.

Information contained within 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.


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