Examples of recent questions relating to The Chorley & District Building Society transfer of equity
- Online research suggests that solicitors are more expensive than conveyancers when it comes to transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor if I am transferring equity and simultaneously refinancing with The Chorley & District Building Society
- I own a apartment in Winchelsea
, with a The Chorley & District Building Society mortgage with my ex husband. Him and his new partner are going to acquire my share. We had approval from The Chorley & District Building Society to remove my name with hers. The transfer of equity needs to be done by a conveyancer for The Chorley & District Building Society (apparently). Is it possible for us to deal with the Land Registry formalities?
- My existing home loan is with The Chorley & District Building Society. Can I transfer equity to someone who is not yet eighteen years old?
- Our financial adviser has suggested using their conveyancing solicitor for the Transfer of Equity plus remortgage with The Chorley & District Building Society - Is it not simpler better to just instruct them?
- My former wife are planning to get a conveyancer in place for a refinance with The Chorley & District Building Society. Transfer of Equity conveyancing is also necessaryI have used the different comparison based tools and the results are from all over the country. Do we need to instruct a conveyancer local to us?
- My fiance and I jointly own a buy to let. I am a higher rate tax payer. Preferably I would like to complete a transfer of equity to her sole name in order mitigate tax on the letting income. Assuming The Chorley & District Building Society are happy with this the legal fees are not prohibitive. However what happens when we dispose of the property? As I would no longer be on the title documents am I giving up my CGT relief.
- Given that we have been 2 a couple of years separated I have decided to give up my interest in our flat to my husband who is refinancing with The Chorley & District Building Society. Could this transfer of equity be done in less than 28 days?
Questions that your conveyancer may ask in relation to your The Chorley & District Building Society Transfer of Equity
Please provide the details of anyone to be added to the title deeds?
We need you to provide the National Insurance Number(s) of all the new owners (required for submission of the Stamp Duty Land Tax Form)
Who will be responsible for the costs of the Transfer of Equity?
Where you are adding someone 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.
Is it the case that one of the registered proprietors died? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..
Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?
Important warnings to consider in supplemental 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
If your property is leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such conditions are not strictly observed 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 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 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 conveyancer 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.