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

• Is it possible to transfer the equity held in my property with my Tipton Coseley Building Society home loan?
• What do I need to do when it comes adding or subtracting names (transfer of equity) to or from my Tipton Coseley Building Society mortgage account?
• Is it possible to apply to borrow more money from Tipton Coseley Building Society as part of a Transfer of Equity?
• As things stand I have a joint Tipton Coseley Building Society mortgage with my cousin and am looking into the feasibility of him taking on the whole mortgage and extracting myself from it, so as to enable me to purchase somewhere with my soon-to-be-wife. The remaining mortgage is approx 250k, and the property value is in the region 600k. Is this a transfer of equity? Is land tax due?
• Will I have to pay any charges for a Transfer of Equity where the current mortgage is with Tipton Coseley Building Society?
• My divorce has gone through as is the consent order. Now I need to sort out the transfer of equity at the HMLR 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?
• Do I need legal representation when doing a transfer of equity where the home loan is to remain with Tipton Coseley Building Society?

Questions that your conveyancer could ask regarding your Tipton Coseley Building Society Transfer of Equity

Caveats to be read in in addition to 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 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 breach of the lease. This could trigger 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 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 market value 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 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.

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.