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Tipton Coseley Building Society

Questions and answers: Tipton Coseley Building Society transfer of equity

  • I got my Decree Absolute in 2012. Foolishly I never got around to transfer ownership from both our names to my name alone. I now plan to deal with it and there are no objections. Transfer-of-equity is presumably the way forward. Tipton Coseley Building Society is content to transfer the full equity in my name (affordability checks done). Does she need any legal representation?
  • My former wife are seeking to get a conveyancer lined up for a new mortgage 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 UK. How necessary is it to appoint a conveyancing solicitor local to us?
  • I am in the process of remortgaging my property in Blaenavon does my lawyer have to be on the Tipton Coseley Building Society Solicitor panel. The conveyancing also involves a transfer of equity.
  • My divorce has gone through as is the consent order. Now I need to address the transfer of equity at the HMLR and the Tipton Coseley Building Society home loan. I have called Tipton Coseley Building Society for the transfer of equity forms. What do I do now?
  • What are the average solicitors costs are for a transfer of equity? I need to transfer equity and remortgage - new loan with Tipton Coseley Building Society - and have been quoted £350 including VAT by Tipton Coseley Building Society's appointed conveyancing solicitor, Have I been over quoted?
  • I am am in need of a conveyancing solicitor to undertake my transfer of equity. Tipton Coseley Building Society have been approached for a refinancing. I thought of asking my mortgage broker. I am lead to believe he may receive a kickback for recommending a firm, but also of benefit will be that he knows the lawyer, has dealt with them before. Any flaws you see in this way of thinking?
  • What is the process for having someone removed from the deeds to a property where the mortgage is with Tipton Coseley Building Society

Examples of questions in a lawyer questionnaire relating to Tipton Coseley Building Society Transfer of Equity

If are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

If you are adding a person on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

Please let us know of you wish us to prepare Declaration of Trust. If so are you willing to pay for the additional fee (beyond the Transfer of Equity fee)?

Please provide the details of anyone to be added to the title deeds?

Please confirm where you are providing any payment for the Transfer of Equity and to whom and specify any such sums?

Has consent been obtained from Tipton Coseley Building Society to the proposed transfer of equity?

Important warnings to consider in further 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 titles

Should the tenure of your property be leasehold, provisions in the lease may require that you have a license to do so from the freeholder. If such terms are not adhered to you may be in breach of 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 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 valuation of the property at the time of completion 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.

Information contained within 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