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Tipton Coseley Building Society

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

  • My father died last May leaving a mortgage-free property to me and my step brother 50:50. He has always lived in the house, there was a condition in the will specifying that the housecould not be sold for 2 years after her passing so he could reside there for a while. He now says he would like to remain in the property beyond the specified period. We have considered a transfer of equity. Would I be right in thinking that we should get a valuation then he'd get a mortgage in the usual way to buy my equity?
  • I jointly own a house in Witham , with a Tipton Coseley Building Society mortgage with my former partner. Him and his fiance are going to buy me out. We had approval from Tipton Coseley Building Society to substitute my name with hers. The transfer of equity has to be done by a lawyer for Tipton Coseley Building Society (supposedly). Can we deal with the Land Registry change?
  • Taking into account that we have been 2 a couple of years separated I have decided to transfer my interest in our apartment to my husband who is refinancing with Tipton Coseley Building Society. Can a transfer of equity be completed in less than 28 days?
  • My Tipton Coseley Building Society mortgage is in joint names with ex, he is agreeable to be removed and let me have the property. Tipton Coseley Building Society have consented to the transfer of equity to me solely. Will Tipton Coseley Building Society contact my employer to confirm my salary?
  • Can I apply to request more money from Tipton Coseley Building Society as part of a Transfer of Equity?
  • Will I incur any fees for a Transfer of Equity where the existing mortgage is with Tipton Coseley Building Society?
  • I plan to refinance my home in Sedgefield switching from Yorkshire Building Society to Tipton Coseley Building Society. The maisonette is jointly owned but wish for it to be in my name only once I remortgage. My husband has agreed to this and is happy to sign a form but neither of us want to incur conveyancer fees.

Information that may be required from your lawyer is likely to 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 provide the name(s) and addresse(s) of anyone to be extracted from the property title?

Please give the details of those who jointly own the property with you?

Please provide a copy of your National Insurance Number?

Has one of the registered proprietors died? If so please supply us with a copy of the Death Certificate, Probate and a copy of the Will.

Please let us know where you are providing any payment for the Transfer of Equity and to whom and disclose the amount?

General Advice to read in supplemental 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

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 freeholder. If such conditions are not strictly observed you may be in violation of your covenants under the lease. This could trigger 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 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 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 lawyer 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