Examples of recent questions relating to National Counties Building Society transfer of equity
- When it comes to transfer of equity conveyancing involving a remortgage with National Counties Building Society should I be paying value added tax on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
- What if my application doesn't meet National Counties Building Society lending criteria for a transfer of equity?
- My ex-fiance and I are searching for an affordable conveyancing lawyer to help me sell in a transfer of equity and refinance with National Counties Building Society. I I am concerned about by bill escalating out of control and there's many conveyancing practices who do transfer of equity conveyancing out there...how do I know which one is best select?
- Is stamp duty payable when it comes to an transfer of equity with a mortgage with National Counties Building Society?
- I am disposing of my share of a apartment in Birmingham to my co-owners fiance, they are reapplying to National Counties Building Society. We are debating as to who must cover the legal bill for the transfer of equity. Should this be shared or is one of us liable for the charges for?
- Given that we have been 5 years apart I have made the decision to transfer my interest in the house to my husband who is re-mortgaging with National Counties Building Society. Could this transfer of equity be done within 28 days?
- My friend and I got a joint mortgage with National Counties Building Society on a property a couple of years ago. I am now looking to get a flat by myself and my friend would like to buy me out. Assuming we can agree an amount where do we go? Would there be any potential issue with National Counties Building Society with him being responsible for the total loan rather than only part of it?
Sample of questions in a conveyancing solicitor questionnaire concerning a National Counties Building Society Transfer of Equity
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?
Has consent been obtained from National Counties Building Society to the proposed transfer of equity?
Please give the name(s) and addresse(s) of anyone to be removed from the title deeds?
Will there be any consideration monies passing between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive what amounts
We need you to provide the National Insurance Number(s) of all the new owners (required for completion of the SDLT Form)
Is the transfer of equity subject to a court order? If yes please supply a copy
Important warnings to consider in supplemental the above National Counties Building Society transfer of equity Questions and Answers :
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 National Counties 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 require that you obtain the consent of the landlord. If such restrictions are not strictly observed you may be in breach of your covenants under 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 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 conveyancing solicitor will check with National Counties 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 National Counties 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 valuation of the property at the conclusion of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with National Counties Building Society your property may be repossessed.
Preparing the Transfer of Equity with a National Counties 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 National Counties 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.
Content on 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.