Examples of recent questions relating to Tipton Coseley Building Society transfer of equity
- My Tipton Coseley Building Society home loan is in joint names with ex, who is agreeable to be removed and put the house in my name alone. Tipton Coseley Building Society have consented to the transfer of equity to me solely. Do Tipton Coseley Building Society call my boss to verify my salary?
- When it comes to transfer of equity conveyancing involving refinance with Tipton Coseley Building Society should I be invoiced value added tax on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
- Law month I split up with my ex of 18 years. I'm now living with my parents again and she wants to stay in the apartment and buy me out. 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 ensure that I'm getting I am not being taken advantage of
- 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 websites and the results are from all over the country. Is it important to appoint a conveyancer local to us?
- My wife and I jointly own a buy to let. I am a top rate tax payer. Preferably I wish to do a transfer of equity to her sole name to reduce our tax on the letting income. If Tipton Coseley Building Society are fine with this the legal fees are inexpensive. However what happens when we sell? Would my GGT relief be lost.
- What are the average conveyancing costs are for a transfer of equity? I need to transfer equity and refinance - moving over to Tipton Coseley Building Society - and have been quoted £250 excluding VAT by Tipton Coseley Building Society's approved conveyancing solicitor, Is this a reasonable price?
- At what point do I incur the Stamp Duty Land Tax payable for the transfer of equity in my house in my sole name which is taking place at the same time as a switching mortgage with Tipton Coseley Building Society?
Sample of questions in a lawyer form relating to Tipton Coseley Building Society Transfer of Equity
Has consent been obtained from Tipton Coseley Building Society to the proposed transfer of equity?
Please let us know of you wish us to prepare Declaration of Trust. If so are you willing to pay for the further fee (beyond the Transfer of Equity fee)?
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?
Can you give the name(s) and addresse(s) of anyone who jointly owns the premises with you?
Where you are adding someone on to the title deeds how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.
Please list all persons who occupy the property, their respective ages and relationships to you.
Important warnings to consider 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 premises
Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you have a license to do so from the freeholder. If such conditions are not complied with you may be in violation 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 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 market value of the property at the conclusion 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 conveyancer 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 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.
