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Chesham Building Society

Frequently asked questions relating to Chesham Building Society transfer of equity

  • My Chesham Building Society home loan we jointly entered into with ex, he is agreeable to come off the mortgage and put the house in my name alone. Chesham Building Society will permit the transfer of equity to my individual name. Do Chesham Building Society get in touch with my boss to check my salary?
  • My existing mortgage is with Chesham Building Society. Can I transfer equity to someone who is not yet 18 years old?
  • What is the process for having someone removed off the title documents to a house if the home loan is with Chesham Building Society
  • I am led to believe we would need at least AP1 and Transfer Deed. Is this true?
  • I intend to remortgage my apartment in Winchelsea switching from Coventry BS to Chesham Building Society. The apartment is currently in joint names but I would like it to be in my sole name when I transfer. My former partner has agreed to this and is willing to sign a form but neither of us want to incur lawyer charges.
  • I already have a home loan with Chesham Building Society and am retaining my existing mortgaging but seeking to have have the equity transferred to my name alone so my former partner won't be on it any longer. How long can it take for the forms to be processed?
  • What if my application doesn't meet Chesham Building Society lending criteria for a transfer of equity?

Examples of questions in a conveyancer questionnaire concerning a Chesham Building Society Transfer of Equity

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

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?

Can you give the details of those who jointly own the premises with you?

Please provide the details of anyone to be added to the title deeds?

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

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

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

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 terms are not adhered to you may be in breach 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 conveyancing solicitor 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 conclusion of the transfer of equity conveyancing.
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 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 lawyer 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 Chesham Building Society transfer of equity