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National Counties Building Society

Sample questions relating to National Counties Building Society transfer of equity

  • National Counties Building Society have today agreed I can take over the mortgage on my home. I had applied for a transfer of equity but presumably there is a transfer of ownership at HMLR in addition?
  • I am in the process of removing a name from a joint mortgage and the National Counties Building Society need me to use a conveyancing solicitor 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.
  • What is the process for adding or removing names (transfer of equity) to or from my National Counties Building Society mortgage account?
  • In 2013 I purchased a apartment without my fiance’s name on the deeds. My conveyancing solicitor claimed it is because she is not in the loan offer with National Counties Building Society. I'm wondering is there any way that I can put her name on the documents at HM Land Registry?
  • What if my application doesn't meet National Counties Building Society lending criteria for a transfer of equity?
  • Am I best advised cancel my mortgage payments with National Counties Building Society once a date for my remortgage and transfer of equity has been agreed?
  • I am looking for a conveyancer to deal with my transfer of equity. National Counties Building Society are dealing with the remortgage. I considered asking my mortgage broker. 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 misguided?

Examples of questions in a conveyancer questionnaire concerning a National Counties Building Society Transfer of Equity

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

If 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” Questionnaire.

Is the transfer of equity subject to a court order? If yes please supply a copy

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?

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

Please give the details of anyone to be extracted from the title deeds?

Caveats to be 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 premises

Should the tenure of your property be leasehold, provisions in the lease may require that you have a license to do so from the landlord. If such terms are not adhered to 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 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 varies based on the valuation of the property at the conclusion 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 conveyancer 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.


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