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Norwich and Peterborough Building Society

Are you in need of a Transfer of Equity with a Norwich and Peterborough Building Society mortgage? Failing to check that a lawyer is on the Norwich and Peterborough Building Society list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Norwich and Peterborough Building Society transfer of equity example support desk enquires

  • Is it possible to transfer the equity held in my property with my Norwich and Peterborough Building Society mortgage?
  • Norwich and Peterborough Building Society yesterday agreed I can take over the mortgage on the house. I had applied for a transfer of equity but is this a transfer of ownership at the Land Registry as well?
  • My former husband are looking to get a conveyancer lined up for a refinance with Norwich and Peterborough Building Society. Transfer of Equity conveyancing is also necessaryI have used the different comparison based services and the results are from all over the country. Is it important to have a conveyancing solicitor local to us?
  • My existing mortgage is with Norwich and Peterborough Building Society. Can I transfer equity to someone less than 18 years old?
  • How do I go about adding or subtracting names (transfer of equity) to or from my Norwich and Peterborough Building Society mortgage account?
  • As things stand I have a joint Norwich and Peterborough Building Society mortgage with my brother and am looking into the possibility of him assuming responsibility for the outstanding mortgage and extracting myself from it, to enable me to buy somewhere with my fiance. The outstanding mortgage is approx 250k, and the property value is approx 500k. Is this a transfer of equity? Is stamp duty payable?
  • What legal advice do I need when doing a transfer of equity where the mortgage is to remain with Norwich and Peterborough Building Society?

Sample of information requested in a conveyancing solicitor questionnaire relating to Norwich and Peterborough Building Society Transfer of Equity

Can you give the name(s) and addresse(s) of those who jointly own the premises with you?

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

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

Where you are adding someone 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.

If are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

We need you to provide the National Insurance Number(s) of all the new owners (required for submission of the Stamp Duty Land Tax Form)

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, the lease may require that you have a license to do so from the landlord. If such conditions are not complied with 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 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 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 varies based on the market value of the property at finalisation 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 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 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.


Frequently asked questions relating to Norwich and Peterborough Building Society transfer of equity