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Chesham Building Society

Sample questions relating to Chesham Building Society transfer of equity

  • What is the process for adding or subtracting names (transfer of equity) to or from my Chesham Building Society mortgage account?
  • My decree absolute has gone through as is the consent order. Now I need to address the transfer of equity on title deeds and the Chesham Building Society home loan. I have called Chesham Building Society for the transfer of equity forms. What happens next?
  • I am under the impression we would need at least AP1 and TR1. Is this true?
  • My former husband are planning to get a conveyancer in place for a remortgage with Chesham Building Society. Transfer of Equity conveyancing is also requiredI have used the different comparison based services and the results are from all over the country. Is it important to have a lawyer local to us?
  • Chesham Building Society have today agreed I can take over the home loan on my home. I have applied for a transfer of equity but is this a transfer of ownership of the title deeds on top?
  • I am searching for a responsive conveyancing lawyer to help me sell in a transfer of equity and remortgage with Chesham Building Society. I want to avoid being ripped off but with many conveyancing solicitors who do transfer of equity conveyancing out there...how do I know which one to appoint?
  • I got my Decree Absolute in 2010. I simply never dealt with the transfer ownership from both our names to just in my name. I now plan to deal with it and there are no objections. Transfer-of-equity is presumably the way forward. Chesham Building Society is willing to transfer the full equity in my name (affordability checks done). Does she need any legal representation?

Questions that your conveyancer is likely to ask regarding your Chesham Building Society 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?

Who will be responsible for the costs of the Transfer of Equity?

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

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

Would you like us to prepare Declaration of Trust. If so are you willing to incur the further fee (beyond the Transfer of Equity fee)?

Information to consider in supporting the above Chesham Building Society transfer of equity information :

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 Chesham Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

Should the tenure of your property be leasehold, the lease may require that you have a license to do so from the landlord. 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 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 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 conclusion of the transfer of equity transaction.
If you do not keep up the payments on your mortgage with Chesham Building Society your property may be repossessed.

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 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 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 Chesham Building Society transfer of equity