Tipton Coseley Building Society transfer of equity: q and a’s

• Is it possible to apply to borrow more money from Tipton Coseley Building Society as part of a Transfer of Equity?
• Given that we have been four years separated I have decided to relinquish up my share of the house to my husband who is re-mortgaging with Tipton Coseley Building Society. Can a transfer of equity be done in one month?
• As things stand I have a joint Tipton Coseley Building Society mortgage with my step-brother and am looking into the option of him assuming responsibility for the whole mortgage and removing myself from it, to enable me to buy a place with my fiance. The remaining mortgage is approx 200k, and the property value is about 500k. Is this a transfer of equity? Is land tax involved?
• Last year purchased a house without my wife's name on the title documents. My lawyer said it is due to the fact that she is not in the mortgage with Tipton Coseley Building Society. I'm wondering is there any way that I can add her name on the title?
• What can I do where I am unhappy with the lawyer who handled my transfer of equity transaction?
• Is it sensible to cancel my mortgage payments with Tipton Coseley Building Society as soon as a date for my remortgage and transfer of equity has been set?
• At what point do I cover the costs of stamp duty due for the transfer of equity in my property in my sole name which is happening at the same time as a remortgage with Tipton Coseley Building Society?

Questions that your lawyer may ask regarding your Tipton Coseley Building Society Transfer of Equity

Caveats to be read in supplemental the above Tipton Coseley Building Society transfer of equity Info :

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 obtain the consent of the landlord. If such conditions are not complied with you may be in violation of your covenants under the lease. This could trigger 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 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 lawyer 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 finalisation of the transfer of equity transaction.

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 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.