Sample questions relating to Chesham Building Society transfer of equity
- I got divorced two years ago. For some reason I never got around to change the ownership from both our names to my sole name. I now plan to deal with it and there are no objections. Transfer-of-equity is presumably the way forward. Chesham Building Society is willing to transfer the property and loan in my name (financial checks done). Does she need a solicitor?
- I am disposing of my equity in property in Birmingham to my co-owners fiance, they are sticking with Chesham Building Society being the the existing mortgage company. We are in heated discussion as to who must cover the charges for the transfer of equity. Is this usually split or is one party obliged to cover the charges for?
- After four years apart I have opted to relinquish up my share of our apartment to my husband who is re-mortgaging with Chesham Building Society. Can a transfer of equity be done inside one month?
- I bought a flat with my brother in 2008 Since then, we have both got married. We are now intending to do a transfer of equity so my name comes off the Chesham Building Society mortgage. There is a meaningful difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
- Is stamp duty payable when it comes to an transfer of equity with a mortgage with Chesham Building Society?
- What should I be budgeting for when it comes to what legal charges are for a transfer of equity? I need to transfer equity and refinance - new loan with Chesham Building Society - and have been quoted Four Hundred pounds including VAT by Chesham Building Society's approved conveyancing solicitor, Is this a reasonable price?
- Have recently separated from my wife of 18 years. I'm now back with my parents again and she wishes to stay in the apartment and buy me out. What portion 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
Sample of questions in a lawyer form relating to Chesham Building Society Transfer of Equity
Can you provide the name(s) and addresse(s) of those who jointly own the property with you?
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?
Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?
If you are adding a person on to the property how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.
Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you
Who will be responsible for the costs of the Transfer of Equity?
Information to consider in supporting the above Chesham Building Society transfer of equity Questions and Answers :
Tax and Legal
There are numerous potential 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
Should the tenure of your property be leasehold, provisions in the lease may require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in breach of 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 conveyancing solicitor 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 valuation of the property at finalisation of the transfer of equity transaction.
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 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.