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Common questions relating to Chesham Building Society transfer of equity

  • I am trying to find a lawyer to deal with my transfer of equity. Chesham Building Society have been approached for a remortgage. I considered asking my financial adviser. I am lead to believe he will likely receive a kickback for recommending someone, but also of benefit will be that he knows the lawyer, has dealt with them before. Any flaws you see in this way of thinking?
  • My partner and I jointly own a house in Heathfield . Home loan is with Chesham Building Society. I wish to transfer full ownership to him with no passing of money but without using a conveyancer. Is this likely to be straightforward?
  • I co-own a apartment in Witham , with a Chesham Building Society loan with my ex husband. Him and his fiance are going to acquire my share. We had the go ahead from Chesham Building Society to substitute my name with hers. The transfer of equity has to be completed by a lawyer for Chesham Building Society (supposedly). Can we deal with the Land Registry formalities?
  • Do I need legal advice when doing a transfer of equity where the home loan is to remain with Chesham Building Society?
  • I purchased a flat with my brother in 2008 Since buying the property, we have both got married. We are now looking to do a transfer of equity so my name comes off the Chesham Building Society mortgage. There is a 40k difference between the value the mortgage company hold and what the property would sell for currently. Can you offer any advice?
  • What is the process for adding or subtracting names (transfer of equity) to or from my Chesham Building Society mortgage account?
  • Is it sensible to cancel the direct debit for my mortgage with Chesham Building Society as soon as a date for my remortgage and transfer of equity has been set?

Sample of questions in a conveyancing solicitor form relating to Chesham Building Society Transfer of Equity

If 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 let us know of you wish us to draw up a Declaration of Trust. If so are you happy to incur the further fee (beyond the Transfer of Equity fee)?

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

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

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

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

General Advice to read in supplemental 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 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 pursuant to 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 conveyancer 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 contained within 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.


Frequently asked questions relating to Chesham Building Society transfer of equity