Chesham Building Society transfer of equity example support desk enquires

• I am searching for a trustworthy conveyancing lawyer to assist in a transfer of equity and remortgage with Chesham Building Society. I want to avoid being ripped off and there are so many conveyancing practices who do transfer of equity conveyancing to pick from...who do I opt for?
• What if my application doesn't meet Chesham Building Society lending criteria for a transfer of equity?
• What can I do where I am unhappy with the lawyer who did our transfer of equity transaction?
• I am answering a Chesham Building Society transfer of equity application and have arrived at the questions that asks about defaults etc. There are some debts that I have been paying off since 2007, in fact they no longer remain my credit score. Do I need to disclose these?
• I recently purchased a house without my partner's name on the deeds. My conveyancer said it is because she is not in the mortgage with Chesham Building Society. I'm wondering is there any way that I can add her name on the title?
• I am selling my share of a property in Warwick to my co-owners fiance, they are sticking with Chesham Building Society as the the existing lender. We are debating as to who should pay the legal bill for the transfer of equity. Should this be split or is one party obliged to cover the fees for?
• I jointly own a house in Friern Barnet , with a Chesham Building Society loan with my ex partner. He and his new partner are going to buy me out. We had approval from Chesham Building Society to substitute my name with hers. The transfer of equity needs to be completed by a conveyancer for Chesham Building Society (supposedly). In order to save fees can I deal with the Land Registry formalities?

Examples of information requested in a conveyancer questionnaire relating to Chesham Building Society Transfer of Equity

Information to consider in in addition to the above Chesham Building Society transfer of equity Info :

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 Chesham 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 obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation of your covenants under 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 Chesham 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 Chesham 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 the time of completion of the transfer of equity conveyancing.

Preparing the Transfer of Equity with a Chesham 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 Chesham 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.

Content on 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.