Norwich and Peterborough Building Society transfer of equity: q and a’s
- I am am in need of a conveyancer to handle my transfer of equity. Norwich and Peterborough Building Society are dealing with the remortgage. I considered asking my financial adviser. I understand he may get a referral fee for recommending someone, but also of benefit will be that he knows the lawyer, has a working relationship with them. Any flaws you see in this way of thinking?
- How and when do I incur the Stamp Duty Land Tax chargeable for the transfer of equity in my property in my name alone which is happening simultaneously with a switching mortgage with Norwich and Peterborough Building Society?
- My ex are looking to get a lawyer in place for a refinance with Norwich and Peterborough Building Society. Transfer of Equity conveyancing is also requiredI have used the different comparison based websites and the results are from all over England and Wales. Is it important to instruct a conveyancer local to us?
- How do I go about adding or subtracting names (transfer of equity) to or from my Norwich and Peterborough Building Society mortgage account?
- I purchased a flat with a friend six years ago Since purchasing the property, we have both got married. We are now intending to do a transfer of equity so my name comes off the Norwich and Peterborough Building Society mortgage. There is a significant difference between the value the mortgage company hold and what the property would sell for currently. Can you offer any advice?
- I am answering a Norwich and Peterborough Building Society transfer of equity form and have come to the questions that asks about debts etc. I do some debts that I have been clearing over a long period, I understand that they no longer remain my credit records. Do I need to disclose these?
- Can I apply to request a further advance from Norwich and Peterborough Building Society as part of a Transfer of Equity?
Sample of information requested in a conveyancer form concerning a Norwich and Peterborough Building Society Transfer of Equity
Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been formalised?
Please provide 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?
Have you approached Norwich and Peterborough Building Society to obtain consent to the Transfer of Equity
Please provide a copy of your National Insurance Number?
Important warnings to consider in in addition to 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 premises
If your property is leasehold, provisions in the lease may require that you have a license to do so from the freeholder. If such terms are not adhered to you may be in violation of your covenants under the lease. This could trigger the freeholder taking enforcement action against you.
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 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 is dependent on the valuation of the property at the conclusion of the transfer of equity conveyancing.
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 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. 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.