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

• My dad passed away last March leaving a mortgage-free semi to me and my brother in equal shared. He has always lived in the premises, there was a condition in the will specifying that the housecould not be sold for three years after her death so he could reside there for a specified time frame. He now wants to remain in the house beyond the prescribed period. We have discussed a transfer of equity. Would I be right in thinking that we should get a valuation then he'd get a mortgage in the usual way to buy my half from me?
• Me and my partner jointly own a property in Dunnington . Home loan is with The Chorley & District Building Society. I wish to transfer full ownership to him with no passing of money but without using a lawyer. Do you think this should be simple?
• My The Chorley & District Building Society mortgage is in joint names with ex, who has agreed to be removed and put the house in my name alone. The Chorley & District Building Society will permit the transfer of equity to me solely. Will The Chorley & District Building Society write my boss to check my salary?
• I am thinking of mortgaging my apartment in Timperley does my lawyer need to be on the The Chorley & District Building Society Solicitor panel. The conveyancing also involves a transfer of equity.
• Can you tell me how to have a person removed from the title documents to a property where the mortgage is with The Chorley & District Building Society
• The Chorley & District Building Society have just agreed I can take over the home loan on the house. I previously applied for a transfer of equity but is this a transfer of ownership at HMLR on top?
• What do I need to do when it comes adding or subtracting names (transfer of equity) to or from my The Chorley & District Building Society mortgage account?

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

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

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 properties

Should the tenure of your property be leasehold, the lease may require that you obtain the consent of the landlord. If such terms are not adhered to 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 cases, 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 is dependent on the valuation of the property at the time of completion of the transfer of equity transaction.

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

When it comes to preparing the the Land Registry documents your conveyancing solicitor 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.