Examples of recent questions relating to National Counties Building Society transfer of equity
- National Counties Building Society have just agreed I can take over the home loan on the flat. I have applied for a transfer of equity but is this a transfer of ownership at HMLR on top?
- Is it possible to apply to borrow more money from National Counties Building Society as part of a Transfer of Equity?
- What is the process for having someone removed off the deeds to a house if the mortgage is with National Counties Building Society
- My National Counties Building Society mortgage is in joint names with ex, who is agreeable to come off the deeds and put the house in my name alone. National Counties Building Society will permit the transfer of equity to me solely. Do National Counties Building Society contact my boss to verify my salary?
- Have recently split up with my wife of 18 years. I'm now living with my mum and dad and she wishes to stay in the property and buy me out. What portion do I get. Is it half of the equity after redeeming the mortgage with National Counties Building Society? I assume proper valuations are necessary but I really need to be sure that I'm getting the best deal
- Me and my former wife and I are 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 really don't want to get ripped off and there's many conveyancing organisations who do transfer of equity conveyancing to pick from...how do I know which to appoint?
- I currently have a joint National Counties Building Society mortgage with my step-brother and am looking into the possibility of him assuming responsibility for the whole mortgage and extracting myself from it, so as to enable me to purchase a property with my soon-to-be-wife. The outstanding mortgage is in the region 300k, and the property value is in the region 500k. Is this a transfer of equity? Is stamp duty payable?
Sample of information requested in a conveyancing solicitor questionnaire concerning a National Counties Building Society Transfer of Equity
Where you are adding someone on to the property how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.
Is it the case that one of the registered proprietors passed away? If so please supply us with a copy of the Death Certificate, Probate and a copy of the Will.
Would you like us to draw up a Declaration of Trust. If so are you happy to incur the further fee (beyond the Transfer of Equity fee)?
Is there to be any payment between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive the same
Is the transfer of equity subject to a court order? If yes please supply a copy
Please give the name(s) and addresse(s) of those who jointly own the property with you?
Caveats to be read in conjunction with the above National Counties Building Society transfer of equity Info :
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 National Counties Building Society conveyancing panel and accountant before transferring equity.
Transfer of Equity Conveyancing for Leasehold premises
If your property is leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such terms are not adhered to you may be in violation of your covenants under the lease. This could trigger 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 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 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.