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Are you in need of a Transfer of Equity with a The Chorley & District Building Society mortgage? Failing to check that a lawyer is on the The Chorley & District Building Society list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

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

  • I am in the market for a quality conveyancing lawyer to help me sell in a transfer of equity and refinance with The Chorley & District Building Society. I am aware of the possibility of getting ripped off but with various conveyancing practices who do transfer of equity conveyancing to choose from...who do I opt for?
  • I am filling out a The Chorley & District Building Society transfer of equity form and have arrived at the part that asks about defaults etc. There are some debts that I have been discharging since 2009, in fact they no longer remain my credit score. Do I need to disclose these?
  • What are my options where I am dissatisfied with the lawyer who conducted my transfer of equity conveyancing?
  • What is the process for having someone removed from the deeds to a property where the home loan is with The Chorley & District Building Society
  • Is it sensible to cancel the direct debit for my mortgage with The Chorley & District Building Society as soon as a date for my remortgage and transfer of equity has been agreed?
  • My The Chorley & District Building Society mortgage is in joint names with ex, who has agreed to come off the mortgage and let me have the property. The Chorley & District Building Society will permit the transfer of equity to my individual name. Will The Chorley & District Building Society write my company to check my salary?
  • Our mortgage broker has recommended their conveyancing solicitor for my Transfer of Equity plus remortgage with The Chorley & District Building Society - Is it not simpler better to just use them?

Questions that your conveyancing solicitor may ask in relation to your The Chorley & District Building Society Transfer of Equity

If are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

Where you are adding a person on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

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

Will there be any payment between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive the same

Has consent been obtained from The Chorley & District Building Society to the proposed transfer of equity?

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 properties

Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such conditions are not strictly observed you may be in violation 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 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 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 conveyancing solicitor 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.


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