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National Counties Building Society

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

  • My ex are looking to get a lawyer lined up for a refinance with National Counties Building Society. Transfer of Equity conveyancing is also requiredI have used the different comparison based websites and the results are from all over England and Wales. Do we need to instruct a lawyer local to us?
  • As things stand I 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 removing myself from it, to enable me to buy somewhere with my soon-to-be-wife. The remaining mortgage is in the region 250k, and the property value is in the region 500k. Is this a transfer of equity? Is land tax payable?
  • I am answering a National Counties Building Society transfer of equity form and have come to the part concerning debts etc. I do some debts that I have been paying off since 2009, in fact they have long since disappeared from my credit score. Am I obliged to set these out?
  • I am under the impression we would need at least AP1 and TR1. Is this true?
  • My father died last May leaving a loan-free semi to me and my brother equally. Having continues to reside at the house, there was a condition in her will saying the propertycould not be sold for 2 years following her passing so he could remain there for a specified time frame. He now wishes to remain in the house beyond the prescribed period. We have discussed a transfer of equity. Am I right in saying we should get a valuation then he'd get a mortgage in the conventional way to acquire my equity?
  • I bought a house with my brother six years ago Since then, we have both got married. We are now looking to do a transfer of equity so my name is taken off the National Counties Building Society mortgage. There is a 40k difference between the value the National Counties Building Society hold and what the property would sell for currently. Can you offer any advice?
  • My partner and I jointly own a flat in Heathfield . Mortgage is with National Counties Building Society. I would like to transfer full ownership to him with no exchange of money but without using a lawyer. Do you think this should be simple?

Examples of questions in a conveyancing solicitor form concerning a National Counties Building Society Transfer of Equity

Please give the details of anyone to be added to the title deeds?

Would you like us to prepare Declaration of Trust. If so are you happy to incur the additional fee (beyond the Transfer of Equity fee)?

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

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

Has consent been obtained from National Counties Building Society to the proposed transfer of equity?

Is it the case that one of the registered proprietors died? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..

Information to consider 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 properties

If your property is leasehold, provisions in the lease may require that you have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in breach of the lease. This could potentially result in the freeholder taking enforcement action against you.

Indemnity Insurance

If the transfer of equity is made pursuant to 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 is dependent on the market value of the property at finalisation of the transfer of equity transaction.
If you do not keep up the payments on your mortgage with National Counties Building Society your property may be repossessed.

Preparing the Transfer of Equity with a National Counties Building Society Mortgage

When it comes to preparing the the Land Registry documents your conveyancing solicitor 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.

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.


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