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Norwich and Peterborough Building Society

Questions and answers: Norwich and Peterborough Building Society transfer of equity

  • Our mortgage broker has suggested using their conveyancer for our Transfer of Equity plus remortgage with Norwich and Peterborough Building Society - Is it not simpler easier to just instruct them?
  • Online reading suggests that solicitors are more expensive than licensed conveyancers when it comes to transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor where I need to be transferring equity and simultaneously refinancing with Norwich and Peterborough Building Society
  • I intend to remortgage my maisonette in Rye changing from Yorkshire Bank Home Loans to Norwich and Peterborough Building Society. The home is currently in joint names but wish for it to be in my name only once I remortgage. My husband is OK with this and is willing to transfer equity but neither of us want to get a second lawyer involved.
  • My existing home loan is with Norwich and Peterborough Building Society. Can I transfer equity to someone under 18 years old?
  • Me and a friend got a joint mortgage with Norwich and Peterborough Building Society on a property about a year ago. I am now looking to get a house on my own and my friend would like to buy me out. Once we have agreed a price what happens next? Is there likely to be any concerns with Norwich and Peterborough Building Society with him being solely liable for the total mortgage rather than only half of it?
  • Given that we have been a number of years separated I have made the decision to transfer my share of the flat to my husband who is refinancing with Norwich and Peterborough Building Society. Could this transfer of equity be completed in less than four weeks?
  • What is the process for having a person removed from the title documents to a property if the home loan is with Norwich and Peterborough Building Society

Questions that your conveyancer may ask about your Norwich and Peterborough Building Society Transfer of Equity

Where you are adding a person on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

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 give the name(s) and addresse(s) of anyone to be removed from the title deeds?

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

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

Where you are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Important warnings to consider in further to 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 properties

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 landlord. 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 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 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 valuation 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 conveyancing solicitor 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 lawyer 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 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