Examples of recent questions relating to Norwich and Peterborough Building Society transfer of equity
- I got my Decree Absolute three years ago. Foolishly I never dealt with the change the ownership from both our names to my name alone. I am ready to do that and so is she. Transfer-of-equity is presumably the way forward. Norwich and Peterborough Building Society is happy to transfer the full equity in my name (financial checks done). Does she need a lawyer?
- I am am in need of a conveyancing solicitor to handle my transfer of equity. Norwich and Peterborough Building Society are dealing with the remortgage. I considered asking my mortgage broker. I understand he will likely get a referral fee for suggesting a firm, but also of benefit will be that he knows the conveyancing solicitor, has a working relationship with them. Any flaws you see in this way of thinking?
- Me and a friend got a joint mortgage with Norwich and Peterborough Building Society on a flat in 2013. I am now looking to get a flat on my own and my friend would like to buy me out. Assuming we can agree a price what are the next steps? Would there be any potential issue with Norwich and Peterborough Building Society with him being on the hook for the total loan as opposed to only half of it?
- My -ex-husband and I are in the market for an affordable 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 many conveyancing firms who do transfer of equity conveyancing to pick from...who do I opt for?
- What if my application doesn't meet Norwich and Peterborough Building Society lending criteria for a transfer of equity?
- My mum passed away last January leaving a unencumbered bungalow to me and my brother in equal shared. Having continues to reside at the premises, there was a condition in her will specifying that the premisescould not be sold for 24 months following her death so he could continue to live there for a while. He now wishes to remain in the property beyond the specified period. We have considered a transfer of equity. Would I be right in thinking that we should get a valuation then he'd get a mortgage in the conventional way to purchase my half from me?
- My wife and I equally own a investment property. I am a top rate tax payer. Ideally I would like to do a transfer of equity to her sole name with a view to reduce our tax on the letting income. If Norwich and Peterborough Building Society are content with this the legal fees are inexpensive. However what happens when we sell? Would my GGT relief be lost.
Information that may be required from your lawyer could ask about your Norwich and Peterborough Building Society Transfer of Equity
If you are adding a person on to the title deeds how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.
Please give the details of anyone to be added to the title deeds?
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?
Will there be any payment between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive the same
Please give the name(s) and addresse(s) of anyone to be removed from the title deeds?
Have you approached Norwich and Peterborough Building Society to obtain consent to the Transfer of Equity
General Advice to read in conjunction with the above Norwich and Peterborough Building Society transfer of equity information :
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 Norwich and Peterborough Building Society conveyancing panel and accountant before transferring equity.
Transfer of Equity Conveyancing for Leasehold properties
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 conditions are not complied with 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 pursuant to 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 the conclusion 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 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.
Content on 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.
