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Are you in need of a Transfer of Equity with a Chelsea Building Society (a trading name of Yorkshire BS) mortgage? Failing to check that a lawyer is on the Chelsea Building Society (a trading name of Yorkshire BS) list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Chelsea Building Society transfer of equity: q and a’s

  • I am filling out a Chelsea Building Society transfer of equity request and have come to the part concerning defaults etc. I do some debts that I have been reducing for a number of years, in fact they no longer remain my credit rating. Must I set these out?
  • How and when do I cover the costs of the Stamp Duty Land Tax payable for the transfer of equity in my property in my name alone which is taking place simultaneously with a refinancing with Chelsea Building Society?
  • I am in the process of removing a name from a joint mortgage and the Chelsea Building Society need me to use a lawyer to carry out the conveyancing. Can you recommend a reasonably priced Blaenavon conveyancer to deal with the transfer of equity? They need to be on the Chelsea Building Society conveyancing panel.
  • I am led to believe we would need at least AP1 and Transfer Deed. Is this true?
  • Chelsea Building Society have just agreed I can take over the mortgage on my home. I have applied for a transfer of equity but is this a transfer of ownership at the Land Registry on top?
  • I own a flat in Romsey , with a Chelsea Building Society loan with my former husband. He and his new partner are going to acquire my share. We had approval from Chelsea Building Society to substitute my name with hers. The transfer of equity needs to be done by a conveyancer for Chelsea Building Society (apparently). In order to save fees can I do the Land Registry formalities?
  • My Chelsea Building Society home loan we jointly entered into with ex, he is agreeable to come off the deeds and let me have the property. Chelsea Building Society will permit the transfer of equity to my individual name. Will Chelsea Building Society write my employer to check my salary?

Information that may be required from your lawyer is likely to ask regarding your Chelsea Building Society Transfer of Equity

Who will be responsible for the costs of the 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 completed?

We need you to supply the National Insurance Number(s) of all the new owners (required for completion of the SDLT Form)

Has one of the registered proprietors passed away? If so please supply us with a copy of all the relevant documents e.g. the will, death certificate etc..

Please let us know of you wish us to prepare Declaration of Trust. If so are you willing to pay for the further fee (beyond the Transfer of Equity fee)?

If you are adding a person on to the property how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

General Advice to read in conjunction with the above Chelsea Building Society transfer of equity Questions and Answers :

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 Chelsea Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

Should the tenure of your property be leasehold, provisions in the lease may require that you have a license to do so from the freeholder. If such terms are not adhered to you may be in violation 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 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 Chelsea 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 Chelsea 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Chelsea Building Society.

Preparing the Transfer of Equity with a Chelsea 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 Chelsea 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 should not be regarded as 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 Chelsea Building Society transfer of equity