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

• Can I apply to borrow a further advance from Tipton Coseley Building Society as part of a Transfer of Equity?
• Am I best advised stop the direct debit for my mortgage with Tipton Coseley Building Society once a date for my remortgage and transfer of equity has been set?
• I own a house in Winchelsea , with a Tipton Coseley Building Society loan with my former partner. Him and his fiance are going to acquire my share. We had approval from Tipton Coseley Building Society to substitute my name with hers. The transfer of equity has to be done by a conveyancer for Tipton Coseley Building Society (apparently). In order to save fees can I do the Land Registry formalities?
• What is the process for adding or subtracting names (transfer of equity) to or from my Tipton Coseley Building Society mortgage account?
• My Tipton Coseley Building Society home loan is in joint names with ex, who has agreed to come off the mortgage and let me have the property. Tipton Coseley Building Society have consented to the transfer of equity to me solely. Do Tipton Coseley Building Society write my employer to verify my salary?
• What is the process for having a person removed from the title documents to a property if the home loan is with Tipton Coseley Building Society
• Me and a friend got a joint mortgage with Tipton Coseley Building Society on a flat in 2013. I am now thinking of buying a house by myself and my friend would like to buy me out. Assuming we can agree a price what are the next steps? Is there likely to be any issue with Tipton Coseley Building Society with him being responsible for the total loan rather than only part of it?

Questions that your conveyancing solicitor is likely to ask in relation to your Tipton Coseley Building Society Transfer of Equity

General Advice to read 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

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 terms are not adhered to 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 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 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 varies based on the valuation of the property at finalisation 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 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.