Recently asked questions relating to Tipton Coseley Building Society transfer of equity
- Me and my former wife and I are in the market for a dependable conveyancing lawyer to assist in a transfer of equity and remortgage with Tipton Coseley Building Society. I I am concerned about by bill escalating out of control and there's various conveyancing practices who do transfer of equity conveyancing out there...how do I know which one to appoint?
- At what stage do I incur the Stamp Duty Land Tax payable for the transfer of equity in my home in my sole name which is taking place at the same time as a switching mortgage with Tipton Coseley Building Society?
- I co-own a apartment in Littleborough
, with a Tipton Coseley Building Society mortgage with my former husband. He and his fiance are going to acquire my share. We had the go ahead from Tipton Coseley Building Society to replace my name with hers. The transfer of equity needs to be completed by a conveyancer for Tipton Coseley Building Society (supposedly). Is it possible for us to do the Land Registry change?
- I got my Decree Absolute two years ago. Foolishly I never dealt with the change the ownership from both our names to my sole name. I am ready to do that and so is she. Transfer-of-equity is needed. Tipton Coseley Building Society is content to transfer the full equity in my name (affordability checks done). Does my ex need any legal representation?
- My wife and I have 50:50 shares in a BTL. I am a top rate tax payer. Ideally I wish to do a transfer of equity into her name with a view to reduce our tax on the letting income. If Tipton Coseley Building Society are content with this the legal fees are inexpensive. However what happens when we dispose of the property? Would my GGT relief be lost.
- I plan to refinance my apartment in Sedgefield
moving from HSBC to Tipton Coseley Building Society. The home is jointly owned but I would like it to be in my name only as and when I switch. My husband is OK with this and is happy to transfer equity but neither of us want to get a second lawyer involved.
- Tipton Coseley Building Society have today agreed I can take over the home loan on my home. I had applied for a transfer of equity but is this a transfer of ownership of the title deeds on top?
Questions that your conveyancing solicitor is likely to ask regarding your Tipton Coseley Building Society Transfer of Equity
Please clarify if you are making any payment for the Transfer of Equity and to whom and notify us the amount?
Where you are adding a person on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.
Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?
Please provide the name(s) and addresse(s) of anyone who jointly owns the property with you?
Has one of the registered proprietors died? If so please provide us with a copy of the Death Certificate, Probate and a copy of the Will.
Please provide the name(s) and addresse(s) of anyone to be added to the property title?
Caveats to be read in conjunction with 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 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 violation of your covenants under the lease. This could potentially result in the freeholder taking enforcement action against you.
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 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 varies based on the market value of the property at the conclusion of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Tipton Coseley Building Society.
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 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.