Examples of recent questions relating to National Counties Building Society transfer of equity
- I already have a home loan with National Counties Building Society and am maintaining my current mortgaging but seeking to have it in my name alone so my former partner won't be on it any longer. How long does the whole transfer of equity process take?
- When it comes to transfer of equity conveyancing involving refinance with National Counties Building Society should I be invoiced value added tax on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
- Last year purchased a house without my partner's name on the deeds. My conveyancing solicitor said it is because she was not in the mortgage with National Counties Building Society. I'm wondering is there any way that I can put her name on the deeds?
- I am completing a National Counties Building Society transfer of equity application and have arrived at the part regarding defaults etc. There are some debts that I have been discharging since 2007, in fact they no longer remain my credit rating. Am I obliged to declare these?
- I am selling my equity in house in Birmingham to my co-owners husband, they are sticking with National Counties Building Society as the the existing mortgage company. We are haggling as to who should pay the charges for the transfer of equity. Should this be shared or is one party obliged to cover the costs of?
- My father passed away seven months ago leaving a mortgage-free semi to me and my brother in equal shared. Having continues to reside at the property, there was a condition in her will saying the propertycould not be sold for 24 months after her passing so he could remain there for a specified time frame. He now says he would like to remain in the premises beyond the prescribed period. We have considered a transfer of equity. Would I be right in thinking that we'd get a valuation then he'd get a home loan in the conventional way to acquire my equity?
- What is the process for adding or removing names (transfer of equity) to or from my National Counties Building Society mortgage account?
Questions that your conveyancing solicitor may ask regarding 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 submission of the Stamp Duty Land Tax Form)
Please provide the details of anyone to be added to the property title?
Is it the case that one of the registered proprietors died? If so please forward us with a copy of the Death Certificate, Probate and a copy of the Will.
Who will be responsible for the costs of the Transfer of Equity?
Please let us know of you wish us to draft you Declaration of Trust. If so are you happy to incur the additional fee (beyond the Transfer of Equity fee)?
If 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?
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.
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 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.
