Chesham Building Society transfer of equity example support desk enquires

• I currently have a joint Chesham Building Society mortgage with my brother and am investigating the possibility of him assuming responsibility for the whole mortgage and subtracting myself from it, so as to enable me to purchase somewhere with my fiance. The remaining mortgage is in the region 175k, and the property value is approx 450k. Is this a transfer of equity? Is stamp duty due?
• Law month I split up with my wife of twenty years. I'm now living with my parents again and she wishes to remain in the property and pay me off. What portion do I get. Is it 50% of the equity after redeeming the mortgage with Chesham Building Society? I assume proper valuations are necessary but I really need ensure that I'm getting what I am entitled to
• My Chesham Building Society home loan is in joint names with ex, who is agreeable to come off the deeds and put the house in my name alone. Chesham Building Society will permit the transfer of equity to my individual name. Will Chesham Building Society write my boss to confirm my salary?
• Been reviewing consumer blogs that solicitors are more expensive than conveyancers when it comes to transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor if I need to be transferring equity and at the same time refinancing with Chesham Building Society
• My existing mortgage is with Chesham Building Society. Can I transfer equity to someone who is not yet eighteen years old?
• I jointly own a property in Littleborough , with a Chesham Building Society mortgage with my former partner. He and his fiance are going to acquire my share. We had approval from Chesham Building Society to replace my name with hers. The transfer of equity has to be completed by a lawyer for Chesham Building Society (apparently). Is it possible for us to do the Land Registry formalities?
• What if my application doesn't meet Chesham Building Society lending criteria for a transfer of equity?

Examples of questions in a conveyancing solicitor questionnaire relating to Chesham Building Society Transfer of Equity

Information to consider in supporting 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 properties

If your property is leasehold, the lease may require that you have a license to do so from the freeholder. If such restrictions are not strictly observed 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 pursuant to 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 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 is dependent on the market value of the property at the time of completion of the transfer of equity transaction.

Preparing the Transfer of Equity with a Chesham 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 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 conveyancer 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 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.