Frequently asked questions relating to Tipton Coseley Building Society transfer of equity
- I acquired a house with my brother five.seven years ago Since then, we have both got married. We are now looking to do a transfer of equity so my name is removed the Tipton Coseley Building Society mortgage. There is a 30k difference between the value the lender hold and what the property would sell for currently. Can you offer any advice?
- Me and my former wife and I are searching for a value for money conveyancing solicitor to help me sell in a transfer of equity and remortgage with Tipton Coseley Building Society. I I am fearful of appointing the wrong one and there are various conveyancing practices who do transfer of equity conveyancing to choose from...who do I opt for?
- Me and a friend got a joint mortgage with Tipton Coseley Building Society on a property a couple of years ago. I am now thinking of buying a flat on my own and my friend would like to buy me out. On the basis that we can settle on a price where do we go? Is there likely to be any concerns with Tipton Coseley Building Society with him being responsible for the total mortgage as opposed to only part of it?
- Have recently separated from my partner of twenty years. I'm now living with my parents again and she wants to stay in the apartment and buy me out. What portion am I entitled to. Is it half of the equity after redeeming the mortgage with Tipton Coseley Building Society? I assume proper valuations are required but I really need ensure that I'm getting what I am entitled to
- My divorce has gone through as is the consent order. Now I have to sort out the transfer of equity on title deeds and the Tipton Coseley Building Society mortgage. I have asked Tipton Coseley Building Society for the transfer of equity forms. What are my next steps?
- My former husband are planning to get a conveyancing solicitor lined up for a new mortgage with Tipton Coseley Building Society. Transfer of Equity conveyancing is also necessaryI have used the different rating based tools and the results are from all over UK. Do we need to instruct a conveyancing solicitor local to us?
- How do I go about adding or subtracting names (transfer of equity) to or from my Tipton Coseley Building Society mortgage account?
Sample of information requested in a conveyancing solicitor form concerning a Tipton Coseley Building Society Transfer of Equity
Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been formalised?
Has consent been obtained from Tipton Coseley Building Society to the proposed transfer of equity?
Please provide the details of anyone to be added to the property title?
Where you 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?
Would you like us to draw up a 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 passed away? If so please supply us with a copy of all the relevant documents e.g. the will, death certificate etc..
Caveats to be read in supporting the above Tipton Coseley Building Society transfer of equity Questions and Answers :
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, the lease may have a requirement for notices to be served and that you have a license to do so from the landlord. 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 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 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 finalisation 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 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 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.
