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

• My existing mortgage is with Norwich and Peterborough Building Society. Can I transfer equity to someone who is not yet eighteen years old?
• Can you tell me how to have someone removed off the deeds to a property where the home loan is with Norwich and Peterborough Building Society
• What is the process for adding or removing names (transfer of equity) to or from my Norwich and Peterborough Building Society mortgage account?
• I purchased a property with my cousin in 2008 Since purchasing the property, we have both got married. We are now seeking to do a transfer of equity so my name is removed the Norwich and Peterborough Building Society mortgage. There is a meaningful difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
• Will I incur any charges for a Transfer of Equity where the existing home loan is with Norwich and Peterborough Building Society?
• Have recently split up with my wife of twenty years. I'm now living with my parents again and she wishes to stay in the apartment and buy me out. What percentage do I get. Is it 50% of the equity after discharging the mortgage with Norwich and Peterborough Building Society? I assume proper valuations are required but I would like to be confident that I'm getting what I am entitled to
• I plan to remortgage my home in Crabtree moving from RBS to Norwich and Peterborough Building Society. The maisonette is jointly owned but I would like it to be in my sole name when I remortgage. My wife has agreed to this and is happy to sign a form but neither of us want to incur lawyer charges.

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

Caveats to be read in conjunction with the above Norwich and Peterborough Building Society transfer of equity Questions and Answers :

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 titles

Should the tenure of your property be leasehold, provisions in 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 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 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 valuation 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 conveyancing solicitor 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. Lender Panel.com Ltd will not be liable for any direct or indirect loss or damage arising out of or in connection with the use of this information.