LenderPanel.com

Find a Law Firm for your Transfer of Equity approved by
Tipton Coseley Building Society

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

  • I plan to remortgage my flat in Rye switching from Godiva Mortgages to Tipton Coseley Building Society. The apartment is currently in joint names but I would like it to be in my sole name as and when I switch. My former partner is OK with this and is willing to sign a form but neither of us want to get a second conveyancing solicitor involved.
  • My partner and I co-own a flat in Friern Barnet . Home loan is with Tipton Coseley Building Society. I want to transfer full ownership to him with no payment of money but without using a lawyer. Do you think this should be simple?
  • My current mortgage is with Tipton Coseley Building Society. Can I transfer equity to someone less than eighteen years old?
  • My former wife are looking to get a conveyancing solicitor lined up for a new mortgage with Tipton Coseley Building Society. Transfer of Equity conveyancing is also requiredI have used the different rating based tools and the results are from all over England and Wales. How necessary is it to instruct a lawyer local to us?
  • Will I have to pay any charges for a Transfer of Equity where the existing home loan is with Tipton Coseley Building Society?
  • What if my application doesn't meet Tipton Coseley Building Society lending criteria for a transfer of equity?
  • Am I best advised stop my mortgage payments with Tipton Coseley Building Society as soon as a date for my remortgage and transfer of equity has been set?

Questions that your conveyancer is likely to ask about your Tipton Coseley Building Society Transfer of Equity

Please provide the details of anyone to be removed from the title deeds?

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

Please provide a copy of your National Insurance Number?

Is there to be any payment between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive the same

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

If you are adding a person 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” Form.

Caveats to be read in supporting 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 properties

If your property is leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. 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 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 conveyancing.
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 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 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.


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