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Chesham Building Society

Examples of recent questions relating to Chesham Building Society transfer of equity

  • Is it possible to apply to borrow more money from Chesham Building Society as part of a Transfer of Equity?
  • I am in the process of removing a name from a joint mortgage and the Chesham Building Society require me to use a conveyancing solicitor to carry out the paperwork. Can you recommend a reasonably priced Witham conveyancer to deal with the transfer of equity? They need to be on the Chesham Building Society conveyancing panel.
  • My mortgage broker has suggested using their conveyancing solicitor for the Transfer of Equity plus remortgage with Chesham Building Society - Is it not simpler better to just instruct them?
  • My partner and myself have equal shares in a BTL. I am a higher rate tax payer. Ideally I would like to complete a transfer of equity to her sole name to mitigate tax on rental income. Assuming Chesham Building Society are happy with this the legal fees are inexpensive. However what happens when we dispose of the property? Would my GGT relief be lost.
  • What do I need to do when it comes adding or removing names (transfer of equity) to or from my Chesham Building Society mortgage account?
  • I am transferring my equity in flat in Birmingham to my co-owners fiance, they are reapplying to Chesham Building Society. We are debating as to who should pay the costs of the transfer of equity. Should this be split or is one of us liable for the legal bill?
  • Will I have to pay any charges for a Transfer of Equity where the current home loan is with Chesham Building Society?

Information that may be required from your conveyancing solicitor could ask about your Chesham Building Society Transfer of Equity

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

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

We need you to provide the National Insurance Number(s) of all the new owners (required for submission of the Stamp Duty Land Tax Form)

Where you are adding a person on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

Is it the case that one of the registered owners died? If so please forward us with a copy of the Death Certificate, Probate and a copy of the Will.

Please give the details of anyone to be extracted from the property title?

General Advice to read in conjunction with 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 titles

Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you have a license to do so from the landlord. If such conditions are not strictly observed you may be in violation of 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 conclusion of the transfer of equity transaction.
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