Sample 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 clearing over a long period, in fact they have long since disappeared from my credit rating. Must I reveal these?
- I am are seeking to find a quality conveyancing solicitor to help me sell in a transfer of equity and refinance with National Counties Building Society. I really don't want to get ripped off and there's so many conveyancing organisations who do transfer of equity conveyancing to pick from...who's the best?
- What is the process for having a person removed off the deeds to a property where the mortgage is with National Counties Building Society
- I am in the process of removing a name from a joint mortgage and the National Counties Building Society require me to use a lawyer to carry out the conveyancing. Can you recommend a reasonably priced Wakefield
conveyancer to deal with the transfer of equity? They need to be on the National Counties Building Society conveyancing panel.
- I am thinking of mortgaging my flat in Timperley
does my lawyer need to be on the National Counties Building Society Conveyancing panel. The conveyancing also involves a transfer of equity.
- I am disposing of my share of a house in Hendon to my co-owners husband, they are reapplying to National Counties Building Society. We are debating as to who should cover the costs of the transfer of equity. Should this be split or is one party liable for the charges for?
- I am am in need of a conveyancing solicitor to undertake my transfer of equity. National Counties Building Society are dealing with the refinancing. I thought of asking my mortgage broker. I understand he will likely get a kickback for suggesting someone, but also of benefit will be that he knows the conveyancer, has a working relationship with them. Any flaws you see in this way of thinking?
Sample of questions in a conveyancer form relating to National Counties Building Society Transfer of Equity
Have you approached National Counties Building Society to obtain consent to the Transfer of Equity
Please give the name(s) and addresse(s) of anyone to be added to the title deeds?
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..
Please provide a copy of your National Insurance Number?
Where you are adding someone on to the property how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?
Important warnings to consider in supplemental 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 premises
Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such conditions are not complied with 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 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 valuation of the property at finalisation of the transfer of equity conveyancing.
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 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 lawyer 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.