Examples of recent questions relating to National Counties Building Society transfer of equity

• My financial adviser has suggested using their lawyer for the Transfer of Equity plus remortgage with National Counties Building Society - Surely it’s better to just instruct them?
• My former husband are looking to get a conveyancing solicitor lined up for a remortgage with National Counties Building Society. Transfer of Equity conveyancing is also neededI have used the different comparison based tools and the results are from all over the country. Do we need to instruct a conveyancer local to us?
• My brother and I got a joint mortgage with National Counties Building Society on a property in 2013. I am now looking to get a apartment by myself and my friend would like to buy me out. Once we have agreed a figure where do we go? Would there be any potential concerns with National Counties Building Society with him being responsible for the total mortgage as opposed to only part of it?
• Been looking at online blogs that solicitors are more expensive than licensed conveyancers when it comes to transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor where I need to be transferring equity and at the same time remortgaging with National Counties Building Society
• What do I do if I am unhappy with the conveyancing solicitor who carried out our transfer of equity transaction?
• I got divorced four years ago. For some reason I never dealt with the change the ownership from both our names to my sole name. I am ready to do that and so is she. Transfer-of-equity is presumably the way forward. National Counties Building Society is content to transfer the property and loan in my name (financial checks done). Does she need a conveyancer?
• My National Counties Building Society mortgage we jointly entered into 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 write my employer to check my salary?

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

General Advice to read in further to the above National Counties Building Society transfer of equity information :

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 properties

Should the tenure of your property be leasehold, the lease may require 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.

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 conveyancing.

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.

Content 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.