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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.

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

  • I am transferring my share of a flat in Warwick to my co-owners husband, they are sticking with Tipton Coseley Building Society being the the existing lender. We are in heated discussion as to who should pay the charges for the transfer of equity. Is this normally shared or is one of us liable for the legal bill?
  • Do I need legal representation when doing a transfer of equity where the home loan is to remain with Tipton Coseley Building Society?
  • Can I apply to borrow more money from Tipton Coseley Building Society as part of a Transfer of Equity?
  • I am planning on removing a name from a joint mortgage and the Tipton Coseley Building Society need me to use a conveyancer to carry out the legalities. Can you recommend a reasonably priced Littleborough lawyer to deal with the transfer of equity? They need to be on the Tipton Coseley Building Society conveyancing panel.
  • Having been four years estranged I have decided to transfer my interest in the apartment to my husband who is refinancing with Tipton Coseley Building Society. Could this transfer of equity be completed inside one month?
  • My current mortgage is with Tipton Coseley Building Society. Can I transfer equity to someone who is not yet eighteen years old?
  • The mortgage broker has recommended their lawyer for my Transfer of Equity plus remortgage with Tipton Coseley Building Society - Surely it’s easier to just use them?

Sample of information requested in a conveyancing solicitor form concerning a Tipton Coseley Building Society Transfer of Equity

Please let us know where you are providing any payment for the Transfer of Equity and to whom and disclose the amount?

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

Would you like us to prepare Declaration of Trust. If so are you happy to pay for the further fee (beyond the Transfer of Equity fee)?

Please provide a copy of your National Insurance Number?

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

Please provide the details of anyone to be extracted from the property title?

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

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 properties

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 landlord. 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 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 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 the time of completion of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Tipton Coseley Building Society.

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 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