Recently asked questions relating to Tipton Coseley Building Society transfer of equity
- Tipton Coseley Building Society yesterday agreed I can take over the mortgage on the house. I previously applied for a transfer of equity but is this a transfer of ownership at HMLR on top?
- Will I incur any charges for a Transfer of Equity where the existing mortgage is with Tipton Coseley Building Society?
- My decree absolute is through as is the consent order. Now I have to sort out the transfer of equity at the land registry and the Tipton Coseley Building Society mortgage. I have contacted Tipton Coseley Building Society for the transfer of equity application. What happens next?
- The mortgage broker has suggested using their lawyer for the Transfer of Equity plus remortgage with Tipton Coseley Building Society - won’t it be better to just instruct them?
- My Tipton Coseley Building Society home loan is in joint names with ex, who is agreeable to come off the deeds and put the house in my name alone. Tipton Coseley Building Society have consented to the transfer of equity to my individual name. Will Tipton Coseley Building Society write my boss to verify my salary?
- My ex are seeking to get a lawyer in place for a remortgage with Tipton Coseley Building Society. Transfer of Equity conveyancing is also neededI have used the different rating based websites and the results are from all over England and Wales. Do we need to instruct a conveyancing solicitor local to us?
- My mother died last May leaving a unencumbered property to me and my half brother in equal shared. He has always lived in the property, there was a condition in her will saying the premisescould not be sold for 24 months after her passing so he could remain there for a prescribed period. He now wishes to remain in the premises beyond the prescribed period. We have discussed a transfer of equity. Am I right in saying we'd get a valuation then he'd get a home loan in the traditional way to acquire my share?
Questions that your conveyancing solicitor could ask regarding your Tipton Coseley Building Society Transfer of Equity
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?
Please let us know of you wish us to draft you Declaration of Trust. If so are you willing to pay for the additional fee (beyond the Transfer of Equity fee)?
Who will be responsible for the costs of the Transfer of Equity?
Is the transfer of equity subject to a court order? If yes please supply a copy
We need you to supply the National Insurance Number(s) of all the new owners (required for completion of the Stamp Duty Land Tax Form)
Where 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.
Important warnings to consider in in addition to the above Tipton Coseley Building Society transfer of equity information :
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, the lease may require that you obtain the consent of the landlord. If such conditions are not complied with you may be in violation of the lease. This could potentially result in 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 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 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 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 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 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.