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Tipton Coseley Building Society

Tipton Coseley Building Society transfer of equity example support desk enquires

  • Is there such a thing a transfer of equity stamp duty calculator?
  • I am looking for a conveyancing solicitor to undertake my transfer of equity. Tipton Coseley Building Society are dealing with the remortgage. I considered asking my mortgage broker. I understand he will likely get a referral fee for recommending a firm, but also of benefit will be that he knows the conveyancing solicitor, has a working relationship with them. Is my logic correct?
  • I am considering remortgaging my home in Winchelsea does my lawyer need to be on the Tipton Coseley Building Society Conveyancing panel. The conveyancing also involves a transfer of equity.
  • Do I need legal advice when doing a transfer of equity where the mortgage is to remain with Tipton Coseley Building Society?
  • Have recently split up with my partner of thirty years. I'm now back with my parents again and she wishes to remain in the flat and pay me off. What percentage do I get. Is it half of the equity after redeeming the Tipton Coseley Building Society home loan? I assume proper valuations are necessary but I really need ensure that I'm getting what I am entitled to
  • 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
  • My fiance and myself equally own a investment property. I am a higher rate tax payer. Ideally I wish to do a transfer of equity into her name to mitigate tax on rental income. If Tipton Coseley Building Society are happy with this the legal fees are not prohibitive. However what happens when we dispose of the property? Would my GGT relief be lost.

Sample of questions in a conveyancer form concerning a Tipton Coseley Building Society Transfer of Equity

Please let us know where you are making any payment for the Transfer of Equity and to whom and give details of the amount?

Please give the details of anyone who jointly owns the premises with you?

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 list all persons who occupy the property, their respective ages and relationships to you.

Have you approached Tipton Coseley Building Society to obtain consent to the Transfer of Equity

We need you to provide the National Insurance Number(s) of all the new owners (required for completion of the SDLT Form)

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 properties

Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such conditions are not complied with 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 pursuant to 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 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 market value of the property at finalisation 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 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.


Frequently asked questions relating to Tipton Coseley Building Society transfer of equity