Sample questions relating to The Chorley & District Building Society transfer of equity
- Been looking at consumer forums that solicitors are more expensive than licensed conveyancers for transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor if I am transferring equity and at the same time refinancing with The Chorley & District Building Society
- My The Chorley & District Building Society home loan is in joint names with ex, who is agreeable to be removed and put the house in my name alone. The Chorley & District Building Society will permit the transfer of equity to my individual name. Will The Chorley & District Building Society call my boss to confirm my salary?
- Will I incur any fees for a Transfer of Equity where the current home loan is with The Chorley & District Building Society?
- I am completing a The Chorley & District Building Society transfer of equity form and have arrived at the questions that asks about debts etc. There are some debts that I have been clearing over a long period, in fact they no longer remain my credit score. Must I declare these?
- Law week I split up with my wife of 18 years. I'm now living with my parents again and she wishes to stay in the flat and pay me off. What portion do I get. Is it half of the equity after paying off the The Chorley & District Building Society home loan? I assume proper valuations are required but I really need ensure that I'm getting what I am entitled to
- I intend to remortgage my maisonette in Friern Barnet
moving from Barclays to The Chorley & District Building Society. The maisonette is currently in joint names but propose for it to be in my name only once I switch. My wife has agreed to this and is willing to transfer equity but neither of us want to get a second conveyancer involved.
- My brother and I got a joint mortgage with The Chorley & District Building Society on a flat a couple of years ago. I am now looking to get a flat by myself and my friend would like to buy me out. Assuming we can agree a figure where do we go? Would there be any potential concerns with The Chorley & District Building Society with him being solely liable for the total mortgage rather than only part of it?
Examples of questions in a conveyancing solicitor form relating to The Chorley & District Building Society Transfer of Equity
We need you to supply the National Insurance Number(s) of all the new owners (required for completion of the SDLT Form)
Please clarify where you are making any payment for the Transfer of Equity and to whom and give details of the amount?
Please provide the details of anyone to be added to the property title?
Has 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.
Has consent been obtained from The Chorley & District Building Society to the proposed transfer of equity?
Please list all persons who occupy the property, their respective ages and relationships to you.
Important warnings to consider in supplemental 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 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 complied with you may be in violation of the lease. This could potentially result in the freeholder taking enforcement action against you.
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 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 varies based on the market value of the property at finalisation 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 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 lawyer 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.