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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 filling out a National Counties Building Society transfer of equity form and have come to the section concerning defaults etc. I do some debts that I have been reducing since 2007, I understand that they no longer remain my credit records. Do I need to set these out?
  • National Counties Building Society have today agreed I can take over the mortgage on my home. I have applied for a transfer of equity but presumably there is a transfer of ownership of the title deeds in addition?
  • My National Counties Building Society home loan we jointly entered into with ex, who is agreeable to come off the mortgage and let me have the property. National Counties Building Society have consented to the transfer of equity to my individual name. Will National Counties Building Society call my company to confirm my salary?
  • My divorce is through as is the consent order. Now I need to deal with the transfer of equity at the land registry and the National Counties Building Society home loan. I have contacted National Counties Building Society for the transfer of equity forms. What are my next steps?
  • What should I be budgeting for when it comes to what solicitors costs are for a transfer of equity? I'm in the process of remortgaging - moving over to National Counties Building Society - and have been quoted £250 excluding VAT by National Counties Building Society's approved conveyancer, Is this a reasonable price?
  • I already have a home loan with National Counties Building Society and am retaining my current mortgaging but wish to have have the equity transferred to my sole name so my former wife won't be on it any longer. How long does the whole transfer of equity process take?
  • I am am in need of a conveyancing solicitor to handle my transfer of equity. National Counties Building Society have been approached for a refinancing. I thought of asking my financial adviser. I am lead to believe he may get a referral fee for recommending someone, but also of benefit will be that he knows the lawyer, has dealt with them before. Is my logic flawed?

Questions that your lawyer may ask regarding your National Counties Building Society Transfer of Equity

Please let us know of you wish us to draw up a Declaration of Trust. If so are you willing to pay for the additional fee (beyond the Transfer of Equity fee)?

Please give the name(s) and addresse(s) of anyone to be added to the title deeds?

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

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

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

Please provide a copy of your National Insurance Number?

Caveats to be read in conjunction with 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 titles

If your property is leasehold, the lease may require that you have a license to do so from the landlord. If such conditions 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.

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 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 varies based on the market value of the property at finalisation of the transfer of equity transaction.
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 does not constitute 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