Common questions relating to National Counties Building Society transfer of equity
- What should I be budgeting for when it comes to what solicitors fees are for a transfer of equity? I need to transfer equity and remortgage - new loan with National Counties Building Society - and have been quoted £250 excluding VAT by National Counties Building Society's appointed lawyer, Is this a reasonable price?
- I already have a mortgage with National Counties Building Society and am keeping my existing mortgaging but wish to have have the equity transferred to my sole name so my former husband will no longer be on the deeds. How long do National Counties Building Society take to process the application?
- My divorce is through as is the consent order. Now I must deal with the transfer of equity on title deeds and the National Counties Building Society mortgage. I have asked National Counties Building Society for the transfer of equity forms. What do I do now?
- What if my application doesn't meet National Counties Building Society lending criteria for a transfer of equity?
- After three years apart I have made the decision to give up my interest in our apartment to my husband who is refinancing with National Counties Building Society. Could this transfer of equity be done inside four weeks?
- I am filling out a National Counties Building Society transfer of equity form and have arrived at the questions that asks about debts etc. There are some debts that I have been clearing since 2009, in fact they have long since disappeared from my credit score. Must I declare these?
- I am looking for a conveyancing solicitor to handle my transfer of equity. National Counties Building Society have been approached for a refinancing. I thought of asking my mortgage broker. I am lead to believe he may receive a referral fee for suggesting a firm, but also of benefit will be that he knows the conveyancing solicitor, has a working relationship with them. Is my logic correct?
Information that may be required from your conveyancing solicitor may ask regarding your National Counties Building Society Transfer of Equity
Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you
Has consent been obtained from National Counties Building Society to the proposed transfer of equity?
Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?
Would you like us to draft you Declaration of Trust. If so are you willing to incur the additional fee (beyond the Transfer of Equity fee)?
Who will be responsible for the costs of the Transfer of Equity?
Is it the case that one of the registered owners passed away? If so please supply us with a copy of the Death Certificate, Probate and a copy of the Will.
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 titles
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.
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 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 finalisation 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 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 conveyancer 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.