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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.

Questions and answers: Chelsea Building Society transfer of equity

  • My -ex-husband and I are are seeking to find a dependable conveyancing lawyer to help me sell in a transfer of equity and refinance with Chelsea Building Society. I I am concerned about by bill escalating out of control and there are lots of conveyancing solicitors who do transfer of equity conveyancing to choose from...who do I opt for?
  • Is there such a thing a transfer of equity stamp duty calculator?
  • Law month I split up with my partner of twenty years. I'm now back with my mum and dad and she wants to remain in the flat and buy me out. What percentage do I get. Is it half of the equity after discharging the mortgage with Chelsea Building Society? I assume proper valuations are necessary but I would like to be sure that I'm getting the best deal
  • I am in the process of mortgaging my apartment in Timperley does my lawyer have to be on the Chelsea Building Society Conveyancing panel. The conveyancing also involves a transfer of equity.
  • My former wife are looking to get a lawyer in place for a new mortgage with Chelsea Building Society. Transfer of Equity conveyancing is also requiredI have used the different comparison based websites and the results are from all over UK. Is it important to appoint a conveyancer local to us?
  • Chelsea Building Society yesterday agreed I can take over the mortgage on the house. I previously applied for a transfer of equity but is this a transfer of ownership at the Land Registry on top?
  • How and when do I incur the Stamp Duty Land Tax chargeable for the transfer of equity in my property in my name alone which is happening simultaneously with a switching mortgage via Chelsea Building Society?

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

Has one of the registered owners passed away? If so please supply us with a copy of the Death Certificate, Probate and a copy of the Will.

Please give the details of anyone to be added to the property title?

Please give the details of anyone to be removed from the property title?

Will there be any consideration monies passing between the parties for the Transfer of Equity? If so, please state the amount and who is to receive the same

Has consent been obtained from Chelsea Building Society to the proposed transfer of equity?

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?

Information to consider in in addition to the above Chelsea 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 Chelsea 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 have a requirement for notices to be served and that you have a license to do so from the freeholder. 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 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 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 market value of the property at the time of completion of the transfer of equity transaction.
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 provided on 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.


Frequently asked questions relating to Chelsea Building Society transfer of equity