LenderPanel.com

Find a Law Firm for your Transfer of Equity approved by
Norwich and Peterborough Building Society

Sample questions relating to Norwich and Peterborough Building Society transfer of equity

  • I am disposing of my equity in flat in Warwick to the other co-owners husband, they are sticking with Norwich and Peterborough Building Society being the the existing lender. We are debating as to who must cover the costs of the transfer of equity. Should this be shared or is one party liable for the legal bill?
  • What are my options where I am unhappy with the conveyancer who undertook our transfer of equity conveyancing?
  • I intend to remortgage my home in Miles Platting moving from Accord to Norwich and Peterborough Building Society. The apartment is jointly owned but I would like it to be in my name only once I switch. My former partner has agreed to this and is willing to transfer equity but neither of us want to get a second conveyancing solicitor involved.
  • I already have a home loan with Norwich and Peterborough Building Society and am retaining my current mortgaging but wish to have have the equity transferred to my name only so my ex won't be on it any longer. How long can it take for the paperwork to be processed?
  • When it comes to transfer of equity conveyancing involving refinance with Norwich and Peterborough Building Society should I be paying VAT on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • My decree absolute has gone through as is the consent order. Now I must address the transfer of equity at the land registry and the Norwich and Peterborough Building Society home loan. I have called Norwich and Peterborough Building Society for the transfer of equity application. What do I do now?
  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with Norwich and Peterborough Building Society?

Information that may be required from your lawyer could ask regarding your Norwich and Peterborough Building Society Transfer of Equity

Has consent been obtained from Norwich and Peterborough Building Society to the proposed transfer of equity?

Who will be responsible for the costs of the Transfer of Equity?

Please clarify where you are making any payment for the Transfer of Equity and to whom and give details of any such sums?

Has one of the registered owners passed away? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..

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?

Please list all persons who occupy the property, their respective ages and relationships to you.

General Advice to read in further to the above Norwich and Peterborough 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 Norwich and Peterborough 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 have a requirement for notices to be served and that you have a license to do so from 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 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 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 valuation of the property at finalisation 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 lawyer 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 conveyancer 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.


Frequently asked questions relating to Norwich and Peterborough Building Society transfer of equity