Recently asked questions relating to Norwich and Peterborough Building Society transfer of equity
- Me and my partner co-own a flat in Friern Barnet
. Home loan is with Norwich and Peterborough Building Society. I want to transfer full ownership to him with no exchange of money but without using a conveyancing solicitor. Do you think this should be easy to so?
- I am in the process of removing a name from a joint mortgage and the Norwich and Peterborough Building Society require me to use a conveyancing solicitor to carry out the conveyancing. Can you recommend a reasonably priced Romsey
conveyancer to deal with the transfer of equity? They need to be on the Norwich and Peterborough Building Society conveyancing panel.
- How much the typical legal costs are for a transfer of equity? I'm in the process of remortgaging - new loan with Norwich and Peterborough Building Society - and have been quoted £250 plus VAT by Norwich and Peterborough Building Society's approved conveyancing solicitor, Have I been over quoted?
- I am answering a Norwich and Peterborough Building Society transfer of equity request and have arrived at the questions regarding defaults etc. There are some debts that I have been discharging over a long period, in fact they no longer remain my credit records. Must I set these out?
- My former husband are looking to get a conveyancing solicitor lined up 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 the country. How necessary is it to have a lawyer local to us?
- As things stand I have a joint Norwich and Peterborough Building Society mortgage with my cousin and am looking into the option of him assuming responsibility for the whole mortgage and removing myself from it, so as to enable me to purchase a property with my soon-to-be-wife. The outstanding mortgage is about 200k, and the property value is approx 600k. Is this a transfer of equity? Is stamp duty involved?
- 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?
Sample of information requested in a conveyancing solicitor form relating to Norwich and Peterborough Building Society Transfer of Equity
Please give the details of anyone to be added to the property title?
Who will be responsible for the costs of the Transfer of Equity?
Where you are adding someone 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.
Will there be any consideration monies passing between the parties for the Transfer of Equity? If so, please state the amount and who is to receive the same
Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?
Important warnings to consider in further to 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 titles
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 landlord. If such conditions are not strictly observed you may be in violation of 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 conveyancer 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 transaction.
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 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 conveyancer 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.