Sample questions relating to The Chorley & District Building Society transfer of equity
- I am disposing of my share of a property in Hendon to my co-owners husband, they are reapplying to The Chorley & District Building Society. We are debating as to who should cover the fees for the transfer of equity. Is this usually shared or is one party obliged to cover the legal bill?
- What can I do where I am not happy with the conveyancer who did our transfer of equity transaction?
- My former husband are seeking to get a conveyancer in place for a new mortgage with The Chorley & District Building Society. Transfer of Equity conveyancing is also neededI have used the different comparison based websites and the results are from all over the country. Is it important to have a conveyancing solicitor local to us?
- Will I have to pay any fees for a Transfer of Equity where the current mortgage is with The Chorley & District Building Society?
- My decree absolute has gone through as is the consent order. Now I need to address the transfer of equity for the property and the The Chorley & District Building Society mortgage. I have called The Chorley & District Building Society for the transfer of equity forms. What do I do now?
- In 2011 I purchased a house without my fiance’s name on the title. My lawyer advised it is due to the fact that she is not in the mortgage with The Chorley & District Building Society. I'm wondering is there any way that I can put her name on the documents at HMLR?
- Law week I separated from my wife of 18 years. I'm now back with my mum and dad and she wishes to stay in the flat and pay me off. What portion do I get. Is it 50% of the equity after discharging the The Chorley & District Building Society home loan? I assume proper valuations are necessary but I would like to be sure that I'm getting what I am entitled to
Sample of information requested in a lawyer questionnaire relating to The Chorley & District Building Society Transfer of Equity
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?
Who will be responsible for the costs of the Transfer of Equity?
Has consent been obtained from The Chorley & District Building Society to the proposed transfer of equity?
Please provide the name(s) and addresse(s) of anyone to be added to the property title?
We need you to provide the National Insurance Number(s) of all the new owners (required for submission of the SDLT 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
Important warnings to consider in in addition to the above The Chorley & District Building Society transfer of equity Advice :
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 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 terms are not adhered to 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 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 market value of the property at the conclusion of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with The Chorley & District Building Society.
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.