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Norwich and Peterborough Building Society

Are you in need of a Transfer of Equity with a Norwich and Peterborough Building Society mortgage? Failing to check that a lawyer is on the Norwich and Peterborough Building Society list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

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

  • When it comes to transfer of equity conveyancing involving refinance with Norwich and Peterborough Building Society should I be invoiced 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
  • What do I need to do when it comes adding or removing names (transfer of equity) to or from my Norwich and Peterborough Building Society mortgage account?
  • Is there such a thing a transfer of equity stamp duty calculator?
  • Last year purchased a flat without my fiance’s name on the ownership paperwork. My conveyancer said it is because she was not in the mortgage with Norwich and Peterborough Building Society. Is it possible for me to put her name on the deeds?
  • My divorce is through as is the consent order. Now I need to address the transfer of equity at the HMLR 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?
  • My existing mortgage is with Norwich and Peterborough Building Society. Can I transfer equity to someone who is not yet 18 years old?
  • I am are looking to find a value for money conveyancing solicitor to assist in a transfer of equity and remortgage with Norwich and Peterborough Building Society. I I am concerned about being overcharged and there's so many conveyancing organisations who do transfer of equity conveyancing out there...how do I know which one is best appoint?

Sample of information requested in a conveyancer questionnaire concerning a Norwich and Peterborough Building Society Transfer of Equity

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

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

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

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

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?

Caveats to be read in conjunction with 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 have a requirement for notices to be served and that you obtain the consent of the freeholder. If such restrictions are not strictly observed 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 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 lawyer 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 varies based on the market value of the property at finalisation of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with Norwich and Peterborough Building Society your property may be repossessed.

Preparing the Transfer of Equity with a Norwich and Peterborough Building Society Mortgage

When it comes to preparing the the Land Registry documents your conveyancer 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 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 Norwich and Peterborough Building Society transfer of equity