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The Chorley & District Building Society

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

  • I am planning on removing a name from a joint mortgage and the The Chorley & District Building Society need me to use a conveyancer to carry out the conveyancing. Can you recommend a reasonably priced Timperley lawyer to deal with the transfer of equity? They need to be on the The Chorley & District Building Society conveyancing panel.
  • I am in the market for an affordable conveyancing lawyer to assist in a transfer of equity and refinance with The Chorley & District Building Society. I am aware of the dangers of getting ripped off but with various conveyancing firms who do transfer of equity conveyancing to pick from...who do I opt for?
  • My mum died half a year ago leaving a unencumbered house to me and my step brother 50:50. He has always lived in the property, there was a provision in the will specifying that the propertycould not be sold for 2 years after her passing so he could reside there for a while. He now wants to remain in the premises beyond the prescribed period. We have discussed a transfer of equity. Am I right in saying we'd get a valuation then he'd get a mortgage in the traditional way to acquire my share?
  • I am looking for a conveyancing solicitor to handle my transfer of equity. The Chorley & District Building Society have been approached for a remortgage. I thought of asking my mortgage broker. I am lead to believe he may receive a kickback for suggesting a firm, but also of benefit will be that he knows the lawyer, has dealt with them before. Is my logic misguided?
  • Last year purchased a property without my partner's name on the title documents. My conveyancing solicitor said it is because she is not in the mortgage with The Chorley & District Building Society. I'm wondering is there any way that I can add her name on the documents at HMLR?
  • My The Chorley & District Building Society home loan we jointly entered into with ex, who has agreed to come off the deeds and let me have the property. The Chorley & District Building Society have consented to the transfer of equity to me solely. Do The Chorley & District Building Society write my boss to check my salary?
  • What do I do if I am unhappy with the conveyancer who did our transfer of equity transaction?

Information that may be required from your conveyancer is likely to ask about your The Chorley & District Building Society Transfer of Equity

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

Please provide the name(s) and addresse(s) of anyone to be removed from the property title?

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

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

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been completed?

Please give the details of anyone to be added to the title deeds?

Information to consider in further to the above The Chorley & District 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 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 landlord. If such restrictions are not strictly observed you may be in breach of the lease. This could trigger 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 lawyer 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 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 conveyancing solicitor 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