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The Chorley & District Building Society transfer of equity: q and a’s

  • In 2013 I bought a flat without my wife's name on the title. My conveyancer said it is because she was not in the loan offer with The Chorley & District Building Society. I'm wondering is there any way that I can put her name on the documents at HMLR?
  • What do I do if I am dissatisfied with the lawyer who conducted my transfer of equity conveyancing?
  • What is the process for having someone removed from the title documents to a property where the mortgage is with The Chorley & District Building Society
  • I am looking for a lawyer to undertake my transfer of equity. The Chorley & District 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 suggesting 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?
  • Having been four years apart I have decided to give up my share of the house to my husband who is re-mortgaging with The Chorley & District Building Society. Could this transfer of equity be done within one month?
  • I plan to remortgage my apartment in Witham switching from Barclays to The Chorley & District Building Society. The apartment is jointly owned but wish for it to be in my sole name once I transfer. My wife has verbally consented to this and is happy to sign a form but neither of us want to get a second conveyancer involved.
  • Online research suggests that solicitors are more expensive than licensed conveyancers when it comes to transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor where I am transferring equity and at the same time remortgaging with The Chorley & District Building Society

Information that may be required from your conveyancing solicitor could ask regarding your The Chorley & District Building Society Transfer of Equity

Please provide the details of anyone to be extracted from the title deeds?

Please list all persons who occupy the property, their respective ages and relationships to you.

We need you to supply the National Insurance Number(s) of all the new owners (required for submission of the SDLT Form)

Has one of the registered owners passed away? If so please supply us with a copy of all the relevant documents e.g. the will, death certificate etc..

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 inform us where you are providing any payment for the Transfer of Equity and to whom and notify us the amount?

Information to consider in supplemental the above The Chorley & District Building Society transfer of equity Info :

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 The Chorley & District Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

Should the tenure of your property be leasehold, the lease may require that you have a license to do so from the freeholder. If such conditions are not complied with you may be in breach of the lease. This could potentially result in 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 conveyancing solicitor will check with The Chorley & District 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 The Chorley & District 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 the conclusion of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with The Chorley & District Building Society your property may be repossessed.

Preparing the Transfer of Equity with a The Chorley & District 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 The Chorley & District 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 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 The Chorley & District Building Society transfer of equity