Sample questions relating to Chesham Building Society transfer of equity
- Chesham Building Society yesterday agreed I can take over the mortgage on my home. I had applied for a transfer of equity but is this a transfer of ownership of the title deeds on top?
- I already have a mortgage with Chesham Building Society and am maintaining my existing mortgaging but applying to have have the equity transferred to my sole name so my ex won't be on it any longer. How long do Chesham Building Society take to process the application?
- Is it possible to transfer the equity held in my property with my Chesham Building Society mortgage?
- Have recently split up with my wife of twenty years. I'm now living with my mum and dad and she wishes to remain in the flat and pay me off. What portion do I get. Is it half of the equity after discharging the Chesham Building Society home loan? I assume proper valuations are required but I would like to be sure that I'm getting the best deal
- I bought a house with my brother in 2009 Since buying the property, we have both got married. We are now seeking to do a transfer of equity so my name is taken off the Chesham Building Society mortgage. There is a 40k difference between the value the Chesham Building Society say and what the property would sell for currently. Can you offer any advice?
- I understand we would need at least AP1 and TR1. Is this true?
- My mother passed away half a year ago leaving a mortgage-free bungalow to me and my step brother in equal shared. Having continues to reside at the premises, there was a condition in the will specifying that the housecould not be sold for 2 years following her passing so he could remain there for a specified time frame. He now wants to remain in the property beyond the specified period. We have discussed a transfer of equity. Would I be right in thinking that we should get a valuation then he'd get a mortgage in the conventional way to purchase my equity?
Information that may be required from your conveyancing solicitor is likely to ask in relation to 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?
Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been completed?
Is it the case that one of the registered owners passed away? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..
Can you provide the details of those who jointly own the property with you?
Please provide a copy of your National Insurance Number?
Is the transfer of equity subject to a court order? If yes please supply a copy
Caveats to be read in supporting the above Chesham Building Society transfer of equity Info :
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 titles
If your property is leasehold, 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 breach of your covenants under the lease. This could trigger the freeholder taking enforcement action against you.
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 is dependent on the market value of the property at the time of completion 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 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.