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The Chorley & District Building Society

Sample questions relating to The Chorley & District Building Society transfer of equity

  • Is it possible to transfer the equity held in my property with my The Chorley & District Building Society mortgage?
  • What is the process for having a person removed off the deeds to a house if the mortgage is with The Chorley & District Building Society
  • Is there such a thing a transfer of equity stamp duty calculator?
  • I am am in need of a conveyancing solicitor to handle my transfer of equity. The Chorley & District Building Society have been approached for a refinancing. I thought of asking my financial adviser. I understand he will likely get a referral fee for recommending someone, but also of benefit will be that he knows the conveyancing solicitor, has dealt with them before. Is my logic correct?
  • I plan to remortgage my maisonette in Witham switching from Santander to The Chorley & District Building Society. The home is currently in joint names but propose for it to be in my sole name once I transfer. My former partner is OK with this and is happy to transfer equity but neither of us want to incur conveyancing solicitor fees.
  • My decree absolute is through as is the consent order. Now I have to address the transfer of equity for the property and the The Chorley & District Building Society mortgage. I have contacted The Chorley & District Building Society for the transfer of equity application. What happens next?
  • Will I have to pay any fees for a Transfer of Equity where the existing home loan is with The Chorley & District Building Society?

Information that may be required from your conveyancer may ask in relation to your The Chorley & District Building Society Transfer of Equity

If you are adding someone 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.

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

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

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

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?

Is there to be any consideration monies passing between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive what figure

Important warnings to consider in conjunction with the above The Chorley & District Building Society transfer of equity Info :

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

Transfer of Equity Conveyancing for Leasehold premises

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 freeholder. If such conditions are not strictly observed you may be in breach of your covenants under the lease. This could potentially result in 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 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 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 varies based on the valuation of the property at the time of completion of the transfer of equity transaction.
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 lawyer 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 conveyancer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Content 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 The Chorley & District Building Society transfer of equity