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Chesham Building Society

Recently asked questions relating to Chesham Building Society transfer of equity

  • I am hoping to refinance my maisonette in Witham changing from Yorkshire Building Society to Chesham Building Society. The apartment is jointly owned but intend for it to be in my name only when I remortgage. My former partner is OK with this and is willing to sign a form but neither of us want to incur conveyancer fees.
  • What legal advice do I need when doing a transfer of equity where the mortgage is to remain with Chesham Building Society?
  • After 2 a couple of years estranged I have opted to give up my interest in the former home to my husband who is re-mortgaging with Chesham Building Society. Could this transfer of equity be completed inside 28 days?
  • I currently have a joint Chesham Building Society mortgage with my brother and am investigating the option of him taking on the outstanding mortgage and extracting myself from it, to enable me to purchase a property with my soon-to-be-wife. The outstanding mortgage is in the region 300k, and the property value is in the region 500k. Is this a transfer of equity? Is stamp duty due?
  • Law week I split up with my wife of 18 years. I'm now back with my mum and dad and she wants to remain in the apartment and pay me off. What percentage am I entitled to. Is it 50% of the equity after paying off the mortgage with Chesham Building Society? I assume proper valuations are required but I would like ensure that I'm getting the best deal
  • My brother and I got a joint mortgage with Chesham Building Society on a apartment a couple of years ago. I am now thinking of purchasing a property by myself and my friend would like to buy me out. Once we have agreed a figure what happens next? Is there likely to be any concerns with Chesham Building Society with him being responsible for the total mortgage as opposed to only half of it?
  • I am thinking of remortgaging my home in Rye does my lawyer need to be on the Chesham Building Society Conveyancing panel. The conveyancing also involves a transfer of equity.

Sample of information requested in a conveyancer form concerning a Chesham Building Society Transfer of Equity

Where you are intent on holding 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 let us know if you are making any payment for the Transfer of Equity and to whom and disclose any such sums?

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

Please give the details of anyone who jointly owns the property with you?

Have you approached Chesham Building Society to obtain consent to the Transfer of Equity

Is it the case that one of the registered proprietors passed away? If so please supply us with a copy of the Death Certificate, Probate and a copy of the Will.

Caveats to be read in supplemental 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, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such terms are not adhered to you may be in breach of your covenants under the lease. This could trigger the freeholder taking enforcement action against you.

Indemnity Insurance

If the transfer of equity is made as a result of 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 varies based on the valuation of the property at the time of completion of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Chesham Building Society.

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 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 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