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Are you in need of a Transfer of Equity with a National Counties Building Society mortgage? Failing to check that a lawyer is on the National Counties 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.

Top seven questions relating to National Counties Building Society transfer of equity

  • I plan to remortgage my maisonette in Rye moving from Yorkshire Building Society to National Counties Building Society. The maisonette is jointly owned but intend for it to be in my name only when I remortgage. My husband is OK with this and is willing to sign a form but neither of us want to get a second conveyancing solicitor involved.
  • Me and my former partner and I are in the market for a responsive conveyancing lawyer to help me sell in a transfer of equity and remortgage with National Counties Building Society. I really don't want to get ripped off but with so many conveyancing practices who do transfer of equity conveyancing to pick from...how do I know which is best appoint?
  • What is the process for having someone removed off the deeds to a property if the mortgage is with National Counties Building Society
  • I am thinking of mortgaging my house in Miles Platting does my lawyer need to be on the National Counties Building Society Solicitor panel. The conveyancing also involves a transfer of equity.
  • I am planning on removing a name from a joint mortgage and the National Counties Building Society need me to use a conveyancer to carry out the paperwork. Can you recommend a reasonably priced Romsey conveyancing solicitor to deal with the transfer of equity? They need to be on the National Counties Building Society conveyancing panel.
  • I am completing a National Counties Building Society transfer of equity application and have come to the part that asks about defaults etc. There are some debts that I have been paying off for a number of years, in fact they have long since disappeared from my credit records. Must I declare these?
  • Law month I split up with my ex of thirty years. I'm now living with my parents again and she wants to stay in the apartment and pay me off. What percentage do I get. Is it 50% of the equity after discharging the mortgage with National Counties Building Society? I assume proper valuations are required but I would like ensure that I'm getting I am not being walked over

Information that may be required from your lawyer is likely to ask about your National Counties Building Society Transfer of Equity

Where you are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Has one of the registered owners died? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..

Can you provide the name(s) and addresse(s) of anyone who jointly owns the premises with you?

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” Questionnaire.

We need you to provide the National Insurance Number(s) of all the new owners (required for completion of the Stamp Duty Land Tax Form)

Please provide the name(s) and addresse(s) of anyone to be removed from the title deeds?

General Advice to read in supporting the above National Counties Building Society transfer of equity Info :

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 properties

Should the tenure of your property be leasehold, the lease may require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in breach of the lease. This could trigger 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 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 is dependent on the valuation of the property at the time of completion of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with National Counties Building Society.

Preparing the Transfer of Equity with a National Counties 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 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 conveyancing solicitor 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 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