Sample questions relating to National Counties Building Society transfer of equity

• I am transferring my equity in house in Warwick to my co-owners husband, they are reapplying to National Counties Building Society. We are in heated discussion as to who must pay the charges for the transfer of equity. Is this normally shared or is one of us liable for the charges for?
• Been reviewing consumer blogs that solicitors are more expensive than licensed conveyancers when it comes to transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor where I am transferring equity and simultaneously remortgaging with National Counties Building Society
• My brother and I got a joint mortgage with National Counties Building Society on a property about a year ago. I am now looking to get a apartment by myself and my friend would like to buy me out. Once we have agreed a figure what are the next steps? Is there likely to be any issue with National Counties Building Society with him being responsible for the total loan rather than only part of it?
• In 2011 I purchased a flat without my partner's name on the deeds. My lawyer advised it is because she was not in the loan offer with National Counties Building Society. I'm wondering is there any way that I can put her name on the deeds?
• My fiance and I jointly own a BTL. I am a higher rate tax payer. Preferably I would like to do a transfer of equity to her sole name to reduce our tax on rental income. Assuming National Counties Building Society are content with this the legal fees are not prohibitive. What are the implications when we sell? As I would no longer be on the title documents would I lose my CGT relief.
• Our mortgage broker has suggested using their conveyancing solicitor for our Transfer of Equity plus remortgage with National Counties Building Society - Is it not simpler advisable to just use them?
• Will I incur any fees for a Transfer of Equity where the current mortgage is with National Counties Building Society?

Information that may be required from your conveyancing solicitor could ask in relation to your National Counties Building Society Transfer of Equity

Information to consider in supplemental the above National Counties Building Society transfer of equity Questions and Answers :

Tax and Legal

There may be various 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 require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of your covenants under the lease. This could potentially result in 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 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 market value of the property at the time of completion of the transfer of equity transaction.

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 conveyancing solicitor 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 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.