National Counties Building Society transfer of equity example support desk enquires
- My partner and I co-own a flat in Rye
. Home loan is with National Counties Building Society. I want to transfer full ownership to him with no passing of money but without using a conveyancing solicitor. Do you think this should be easy to so?
- I plan to remortgage my flat in Sedgefield
changing from Yorkshire Bank Home Loans to National Counties Building Society. The apartment is currently in joint names but I would like it to be in my name only as and when I remortgage. My husband is OK with this and is happy to sign a form but neither of us want to incur lawyer charges.
- I currently have a joint National Counties Building Society mortgage with my cousin and am looking into the possibility of him assuming responsibility for the whole mortgage and extracting myself from it, so as to enable me to buy a property with my partner. The remaining mortgage is about 200k, and the property value is in the region 450k. Is this a transfer of equity? Is land tax due?
- Have recently separated from my wife of thirty years. I'm now back with my parents again and she wants to remain in the property and pay me off. What percentage do I get. Is it 50% of the equity after discharging the National Counties Building Society home loan? I assume proper valuations are required but I really need to be confident that I'm getting I am not being taken advantage of
- My partner and myself equally own a BTL. I am a top rate tax payer. Ideally I wish to complete a transfer of equity into her name in order reduce our tax on rental income. If National Counties Building Society are happy with this the legal fees are not high. What are the implications when we sell? As I would no longer be on the deeds am I giving up my CGT relief.
- My dad passed away last March leaving a mortgage-free semi to me and my half brother 50:50. Having continues to reside at the house, there was a condition in her will specifying that the propertycould not be sold for three years after her passing so he could continue to live there for a prescribed period. He now says he would like to remain in the premises beyond the specified period. We have considered a transfer of equity. Am I right in saying we should get a valuation then he'd get a home loan in the traditional way to buy my equity?
- I acquired a house with my cousin six years ago Since then, we have both got married. We are now intending to do a transfer of equity so my name is taken off the National Counties Building Society mortgage. There is a significant difference between the value the bank say and what the property would sell for currently. Can you offer any advice?
Questions that your conveyancing solicitor may ask in relation to your National Counties Building Society Transfer of Equity
We need you to supply the National Insurance Number(s) of all the new owners (required for completion of the Stamp Duty Land Tax Form)
Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?
Where you are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?
Who will be responsible for the costs of the Transfer of Equity?
Will there be any payment between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive the same
Please give the name(s) and addresse(s) of anyone to be added to the property title?
Important warnings to consider in supporting the above National Counties Building Society transfer of equity Questions and Answers :
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 titles
If your property is leasehold, provisions in the lease may have a requirement for notices to be served and that you have a license to do so from the freeholder. If such conditions are not strictly observed you may be in violation of the lease. This could potentially result in the freeholder taking enforcement action against you.
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 cases, 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 the time of completion 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 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 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.