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Tipton Coseley Building Society

Tipton Coseley Building Society transfer of equity: q and a’s

  • As things stand I have a joint Tipton Coseley Building Society mortgage with my step-brother and am looking into the possibility of him taking on the whole mortgage and removing myself from it, so as to enable me to purchase a place with my partner. The outstanding mortgage is about 175k, and the property value is approx 500k. Is this a transfer of equity? Is stamp duty involved?
  • I am remortgaging my apartment in Blaenavon does my lawyer need to be on the Tipton Coseley Building Society Solicitor panel. The conveyancing also involves a transfer of equity.
  • I am looking for a conveyancing solicitor to undertake my transfer of equity. Tipton Coseley Building Society have been approached for a remortgage. I thought of asking my mortgage broker. I understand he may receive a referral fee for suggesting someone, but also of benefit will be that he knows the lawyer, has dealt with them before. Is my logic flawed?
  • I am selling my share of a property in Hendon to the other co-owners husband, they are reapplying to Tipton Coseley Building Society. We are haggling as to who must pay the costs of the transfer of equity. Is this normally shared or is one of us liable for the costs of?
  • Is it sensible to cancel the direct debit for my mortgage with Tipton Coseley Building Society as soon as a date for my remortgage and transfer of equity has been set?
  • In 2013 I bought a flat without my fiance’s name on the deeds. My conveyancing solicitor said it is because she was not in the loan offer with Tipton Coseley Building Society. I'm wondering is there any way that I can add her name on the deeds?
  • I intend to remortgage my apartment in Blaenavon switching from Nationwide to Tipton Coseley Building Society. The maisonette is currently in joint names but I would like it to be in my sole name when I transfer. My former partner is OK with this and is willing to transfer equity but neither of us want to incur lawyer charges.

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

Please provide the name(s) and addresse(s) of anyone to be extracted from the property title?

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

Is it the case that one of the registered owners died? If so please supply us with a copy of the Death Certificate, Probate and a copy of the Will.

Who will be responsible for the costs of the 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?

Can you provide the details of those who jointly own the premises with you?

Important warnings to consider in in addition to the above Tipton Coseley Building Society transfer of equity information :

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 premises

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 violation 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 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 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 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.

Information provided 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