Norwich and Peterborough Building Society transfer of equity: q and a’s

• The financial adviser has recommended their conveyancer for my Transfer of Equity plus remortgage with Norwich and Peterborough Building Society - Is it not simpler easier to just use them?
• Is there such a thing a transfer of equity stamp duty calculator?
• I am considering remortgaging my home in Witham does my lawyer need to be on the Norwich and Peterborough Building Society Solicitor panel. The conveyancing also involves a transfer of equity.
• I got divorced two years ago. For some reason I never got around to transfer 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 presumably the way forward. Norwich and Peterborough Building Society is happy to transfer the full equity in my name (affordability checks done). Does she need any legal representation?
• I am completing a Norwich and Peterborough Building Society transfer of equity form and have come to the section regarding debts etc. There are some debts that I have been reducing since 2007, I understand that they no longer remain my credit rating. Do I need to disclose these?
• Me and my former partner and I are searching for a responsive conveyancing lawyer to assist in a transfer of equity and remortgage with Norwich and Peterborough Building Society. I am aware of the risk of getting ripped off and there's various conveyancing organisations who do transfer of equity conveyancing to choose from...who do I opt for?
• Is it sensible to stop my mortgage payments with Norwich and Peterborough Building Society once a date for my remortgage and transfer of equity has been agreed?

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

General Advice to read in supplemental 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 titles

If your property is leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such terms are not adhered to you may be in violation of 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 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 market value of the property at the conclusion of the transfer of equity conveyancing.

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.

Content 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.