Questions and answers: Norwich and Peterborough Building Society transfer of equity
- Three years ago I purchased a property without my wife's name on the title documents. My conveyancing solicitor said it is due to the fact that she is not in the mortgage with Norwich and Peterborough Building Society. Is it possible for me to put her name on the documents at HM Land Registry?
- How do I go about adding or subtracting names (transfer of equity) to or from my Norwich and Peterborough Building Society mortgage account?
- When it comes to transfer of equity conveyancing involving refinance with Norwich and Peterborough Building Society should I be paying 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
- What if my application doesn't meet Norwich and Peterborough Building Society lending criteria for a transfer of equity?
- My decree absolute is through as is the consent order. Now I have to address the transfer of equity at the land registry and the Norwich and Peterborough Building Society mortgage. I have called Norwich and Peterborough Building Society for the transfer of equity application. What happens next?
- Can I transfer the equity held in my property with my Norwich and Peterborough Building Society mortgage?
- Law week I split up with my ex of 18 years. I'm now back with my parents again and she wishes to remain in the apartment and buy me out. What portion do I get. Is it half of the equity after paying off the Norwich and Peterborough Building Society home loan? I assume proper valuations are required but I really need to be sure that I'm getting I am not being taken advantage of
Sample of questions in a conveyancing solicitor form concerning a Norwich and Peterborough Building Society Transfer of Equity
Has one of the registered proprietors passed away? If so please forward us with a copy of the Death Certificate, Probate and a copy of the Will.
Please provide the details of anyone to be extracted from the title deeds?
Please list all persons who occupy the property, their respective ages and relationships to you.
Who will be responsible for the costs of the Transfer of Equity?
Where you 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?
Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been completed?
Important warnings to consider in further to the above Norwich and Peterborough 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 Norwich and Peterborough Building Society conveyancing panel and accountant before transferring equity.
Transfer of Equity Conveyancing for Leasehold properties
If your property is leasehold, the lease may require that you have a license to do so from the landlord. If such conditions are not complied with you may be in breach of 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 conveyancing solicitor will check with Norwich and Peterborough 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 Norwich and Peterborough 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 market value 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 Norwich and Peterborough Building Society.
Preparing the Transfer of Equity with a Norwich and Peterborough 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 Norwich and Peterborough 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 provided 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.