Examples of recent questions relating to Tipton Coseley Building Society transfer of equity

• I got my Decree Absolute in 2012. I simply never got around to change the ownership from the current 'joint' status to my sole name. I now plan to deal with it and there are no objections. Transfer-of-equity is presumably the way forward. Tipton Coseley Building Society is content to transfer the property and loan in my name (financial checks done). Does my ex need any legal representation?
• My former husband are planning to get a conveyancing solicitor lined up for a new mortgage with Tipton Coseley Building Society. Transfer of Equity conveyancing is also necessaryI have used the different comparison based websites and the results are from all over UK. Is it important to instruct a conveyancer local to us?
• Me and a friend got a joint mortgage with Tipton Coseley Building Society on a house in 2013. I am now looking to get a flat by myself and my friend would like to buy me out. Assuming we can agree an amount what happens next? Would there be any potential issue with Tipton Coseley Building Society with him being solely liable for the total mortgage rather than only part of it?
• What legal advice do I need when doing a transfer of equity where the mortgage is to remain with Tipton Coseley Building Society?
• Tipton Coseley Building Society yesterday agreed I can take over the home loan on my home. I had applied for a transfer of equity but is this a transfer of ownership at the Land Registry on top?
• My existing home loan is with Tipton Coseley Building Society. Can I transfer equity to someone less than eighteen years old?
• What are the average solicitors charges are for a transfer of equity? I need to transfer equity and refinance - moving over to Tipton Coseley Building Society - and have been quoted Four Hundred pounds plus VAT by Tipton Coseley Building Society's appointed lawyer, Is this is a good price or not?

Questions that your conveyancer could ask regarding your Tipton Coseley Building Society Transfer of Equity

Caveats to be read in in addition to the above Tipton Coseley Building Society transfer of equity Advice :

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 titles

Should the tenure of your property be 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 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 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 varies based on the market value of the property at finalisation of the transfer of equity conveyancing.

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 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.