Examples of recent questions relating to Chesham Building Society transfer of equity
- I am transferring my equity in property in Birmingham to the other co-owners fiance, they are sticking with Chesham Building Society as the the existing lender. We are debating as to who must cover the fees for the transfer of equity. Should this be shared or is one party obliged to cover the fees for?
- Me and a friend got a joint mortgage with Chesham Building Society on a property in 2013. I am now thinking of purchasing a house by myself and my friend would like to buy me out. Once we have agreed an amount where do we go? Is there likely to be any problem with Chesham Building Society with him being responsible for the total loan as opposed to only part of it?
- My ex are planning to get a lawyer lined up for a refinance with Chesham Building Society. Transfer of Equity conveyancing is also requiredI have used the different rating based websites and the results are from all over the country. Is it important to instruct a lawyer local to us?
- Do I need legal representation when doing a transfer of equity where the mortgage is to remain with Chesham Building Society?
- I am looking for a conveyancing solicitor to undertake my transfer of equity. Chesham Building Society are dealing with the refinancing. I thought of asking my financial adviser. I understand he will likely get a kickback for recommending a firm, but also of benefit will be that he knows the lawyer, has a working relationship with them. Any flaws you see in this way of thinking?
- Law month I split up with my partner of 18 years. I'm now living with my mum and dad and she wishes to stay in the apartment and buy me out. What percentage am I entitled to. Is it 50% of the equity after redeeming the Chesham Building Society home loan? I assume proper valuations are required but I would like to be sure that I'm getting I am not being taken advantage of
- My divorce has gone through as is the consent order. Now I have to deal with the transfer of equity on title deeds and the Chesham Building Society mortgage. I have asked Chesham Building Society for the transfer of equity application. What are my next steps?
Sample of questions in a lawyer questionnaire concerning a Chesham Building Society Transfer of Equity
Please confirm where you are providing any payment for the Transfer of Equity and to whom and notify us any such sums?
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?
Is the transfer of equity subject to a court order? If yes please supply a copy
We need you to provide the National Insurance Number(s) of all the new owners (required for completion of the SDLT Form)
Who will be responsible for the costs of the Transfer of Equity?
Can you provide the name(s) and addresse(s) of those who jointly own the property with you?
Information to consider in in addition to the above Chesham Building Society transfer of equity information :
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 Chesham Building Society conveyancing panel and accountant before transferring equity.
Transfer of Equity Conveyancing for Leasehold premises
Should the tenure of your property be leasehold, provisions in 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 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 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 conveyancer will check with Chesham 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 Chesham 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Chesham Building Society.
Preparing the Transfer of Equity with a Chesham 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 Chesham 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 provided 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.
