Examples of recent questions relating to Tipton Coseley Building Society transfer of equity

• I currently have a joint Tipton Coseley Building Society mortgage with my brother and am looking into the possibility of him taking on the outstanding mortgage and removing myself from it, to enable me to purchase a property with my partner. The remaining mortgage is in the region 200k, and the property value is in the region 600k. Is this a transfer of equity? Is land tax due?
• I am looking for a lawyer to handle my transfer of equity. Tipton Coseley Building Society are dealing with the refinancing. I considered asking my financial adviser. I am lead to believe he may get a kickback for suggesting someone, but also of benefit will be that he knows the conveyancer, has dealt with them before. Is my logic flawed?
• Me and a friend got a joint mortgage with Tipton Coseley Building Society on a house a couple of years ago. I am now looking to get a house by myself and my friend would like to buy me out. On the basis that we can settle on an amount where do we go? Is there likely to be any concerns with Tipton Coseley Building Society with him being responsible for the total loan rather than only part of it?
• I am transferring my equity in apartment in Warwick to my co-owners husband, they are sticking with Tipton Coseley Building Society being the the existing lender. We are in heated discussion as to who must pay the fees for the transfer of equity. Should this be shared or is one party obliged to cover the costs of?
• Do I need legal advice when doing a transfer of equity where the mortgage is to remain with Tipton Coseley Building Society?
• My existing home loan is with Tipton Coseley Building Society. Can I transfer equity to someone less than 18 years old?
• What do I need to do when it comes adding or removing names (transfer of equity) to or from my Tipton Coseley Building Society mortgage account?

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

General Advice to read in supplemental the above Tipton Coseley Building Society transfer of equity Advice :

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, provisions in the lease may require that you obtain the consent of the freeholder. If such conditions are not complied with 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 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 conveyancing solicitor 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 conclusion of the transfer of equity conveyancing.

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 conveyancer 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.