Chesham Building Society transfer of equity example support desk enquires

• Is it possible to apply to borrow more money from Chesham Building Society as part of a Transfer of Equity?
• My divorce has gone through as is the consent order. Now I need to deal with the transfer of equity for the property and the Chesham Building Society mortgage. I have called Chesham Building Society for the transfer of equity forms. What happens next?
• I plan to remortgage my flat in Timperley changing from Halifax to Chesham Building Society. The home is currently in joint names but intend for it to be in my name only once I remortgage. My former partner has agreed to this and is happy to transfer equity but neither of us want to get a second conveyancing solicitor involved.
• Been reviewing online forums that solicitors are more expensive than licensed conveyancers when it comes to transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor where I need to be transferring equity and simultaneously switching mortgage with Chesham Building Society
• I understand we would need at least AP1 and TR1. Is this true?
• My ex are planning to get a conveyancer in place for a new mortgage with Chesham Building Society. Transfer of Equity conveyancing is also necessaryI have used the different rating based tools and the results are from all over England and Wales. How necessary is it to instruct a conveyancer local to us?
• 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 house by myself and my friend would like to buy me out. Assuming we can agree an amount what are the next steps? Is there likely to be any issue with Chesham Building Society with him being responsible for the total loan rather than only part of it?

Questions that your conveyancer may ask in relation to your Chesham Building Society Transfer of Equity

General Advice to read in further to the above Chesham Building Society transfer of equity Questions and Answers :

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

If your property is leasehold, the lease may require that you have a license to do so from the landlord. If such terms are not adhered to you may be in violation 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 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 varies based on the valuation of the property at the time of completion of the transfer of equity conveyancing.

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 lawyer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Information contained within 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.