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Find a Law Firm for your Transfer of Equity approved by
National Counties Building Society

Examples of recent questions relating to National Counties Building Society transfer of equity

  • I am are seeking to find an affordable conveyancing solicitor to help me sell in a transfer of equity and refinance with National Counties Building Society. I I am concerned about being overcharged but with various conveyancing solicitors who do transfer of equity conveyancing out there...who do I opt for?
  • The financial adviser has suggested using their conveyancer for the Transfer of Equity plus remortgage with National Counties Building Society - Is it not simpler easier to just instruct them?
  • I am hoping to remortgage my apartment in Romsey moving from Santander to National Counties Building Society. The apartment is currently in joint names but intend for it to be in my sole name as and when I remortgage. My wife is OK with this and is willing to transfer equity but neither of us want to get a second conveyancer involved.
  • Is it possible to transfer the equity held in my property with my National Counties Building Society home loan?
  • National Counties Building Society yesterday agreed I can take over the mortgage on the flat. I had applied for a transfer of equity but presumably there is a transfer of ownership of the house on top?
  • My divorce has gone through as is the consent order. Now I must sort out the transfer of equity for the property and the National Counties Building Society home loan. I have called National Counties Building Society for the transfer of equity application. What do I do now?
  • I got divorced in 2010. Foolishly I never dealt with the change the ownership from both our names to my name alone. I am ready to do that and so is she. Transfer-of-equity is needed. National Counties Building Society is willing to transfer the full equity in my name (affordability checks done). Does my ex need any legal representation?

Examples of questions in a lawyer questionnaire relating to 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 give details of the amount?

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?

Please give the details of anyone who jointly owns the property with you?

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

Who will be responsible for the costs of the Transfer of Equity?

Please list all persons who occupy the property, their respective ages and relationships to you.

Information to consider in further to the above National Counties 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 National Counties Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

If your property is leasehold, provisions in the lease may require that you obtain the consent of the freeholder. If such conditions are not strictly observed 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 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 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 is dependent on the market value 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 conveyancing solicitor 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.


Frequently asked questions relating to National Counties Building Society transfer of equity