Examples of recent questions relating to Tipton Coseley Building Society transfer of equity
- Can I apply to request more money from Tipton Coseley Building Society as part of a Transfer of Equity?
- What is the process for having a person removed off the deeds to a house where the home loan is with Tipton Coseley Building Society
- I got my Decree Absolute three years ago. Foolishly I never dealt with the transfer ownership from both our names to my name alone. I am ready to do that and so is she. Transfer-of-equity is needed. Tipton Coseley Building Society is happy to transfer the property and loan in my name (financial checks done). Does she need a solicitor?
- My current home loan is with Tipton Coseley Building Society. Can I transfer equity to someone less than 18 years old?
- Tipton Coseley Building Society have today agreed I can take over the home loan on the flat. I have applied for a transfer of equity but is this a transfer of ownership at the Land Registry as well?
- I intend to remortgage my apartment in Dunnington
changing from Yorkshire Bank Home Loans to Tipton Coseley Building Society. The flat is jointly owned but propose for it to be in my sole name when I remortgage. My husband has agreed to this and is willing to sign a form but neither of us want to get a second conveyancing solicitor involved.
- I co-own a house in Witham
, with a Tipton Coseley Building Society loan with my former partner. He and his new partner are going to acquire my share. We had consent from Tipton Coseley Building Society to substitute my name with hers. The transfer of equity has to be done by a lawyer for Tipton Coseley Building Society (supposedly). Is it possible for us to do the Land Registry change?
Examples of questions in a conveyancer form concerning a Tipton Coseley Building Society Transfer of Equity
Will there 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 state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you
Please give the details of anyone to be added to the title deeds?
Has consent been obtained from Tipton Coseley Building Society to the proposed transfer of equity?
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?
Is the transfer of equity subject to a court order? If yes please supply a copy
General Advice to read in further to the above Tipton Coseley Building Society transfer of equity Advice :
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
If your property is leasehold, provisions in the lease may require that you obtain the consent of the freeholder. If such conditions are not strictly observed you may be in violation of the lease. This could trigger the freeholder taking enforcement action against you.
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 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 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 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.