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Find a Law Firm for your Transfer of Equity approved by
National Counties Building Society

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

  • Am I best advised stop the direct debit for my mortgage with National Counties Building Society as soon as a date for my remortgage and transfer of equity has been set?
  • I am remortgaging my flat in Romsey does my lawyer have to be on the National Counties Building Society Conveyancing panel. The conveyancing also involves a transfer of equity.
  • I got divorced three years ago. Foolishly I never got around to change the ownership from the current 'joint' status to just in my name. I now plan to deal with it and there are no objections. Transfer-of-equity is needed. National Counties Building Society is willing to transfer the property and loan in my name (affordability checks done). Does my ex need a lawyer?
  • Me and my former wife and I are searching for an affordable conveyancing solicitor to assist in a transfer of equity and remortgage with National Counties Building Society. I I am fearful of by bill escalating out of control and there's many conveyancing organisations who do transfer of equity conveyancing out there...who do I opt for?
  • My friend and I got a joint mortgage with National Counties Building Society on a apartment about a year ago. I am now thinking of purchasing a property by myself and my friend would like to buy me out. Assuming we can agree a price where do we go? Would there be any potential issue with National Counties Building Society with him being responsible for the total mortgage as opposed to only part of it?
  • My existing mortgage is with National Counties Building Society. Can I transfer equity to someone under eighteen years old?
  • What if my application doesn't meet National Counties Building Society lending criteria for a transfer of equity?

Examples of information requested in a lawyer form concerning a National Counties Building Society Transfer of Equity

Has one of the registered owners passed away? If so please supply us with a copy of the Death Certificate, Probate and a copy of the Will.

Would you like us to draft you Declaration of Trust. If so are you willing to pay for the additional fee (beyond the Transfer of Equity fee)?

If are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

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

Have you approached National Counties Building Society to seek consent to the Transfer of Equity

Please give the name(s) and addresse(s) of anyone to be added to the property title?

Caveats to be read in further to 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 premises

Should the tenure of your property be leasehold, provisions in the lease may require that you obtain the consent of the freeholder. If such restrictions are not strictly observed 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 pursuant to 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 conveyancing solicitor 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 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 lawyer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Information contained within 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.


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