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Nottingham Building Society

Sample questions relating to Nottingham Building Society transfer of equity

  • I am selling my equity in apartment in Hendon to the other co-owners fiance, they are reapplying to Nottingham Building Society. We are haggling as to who should pay the charges for the transfer of equity. Should this be split or is one party liable for the charges for?
  • My existing mortgage is with Nottingham Building Society. Can I transfer equity to someone under eighteen years old?
  • In 2013 I purchased a apartment without my fiance’s name on the deeds. My lawyer claimed it is due to the fact that she is not in the loan offer with Nottingham Building Society. I'm wondering is there any way that I can add her name on the documents at HMLR?
  • I am in the market for an affordable conveyancing lawyer to assist in a transfer of equity and refinance with Nottingham Building Society. I I am concerned about being overcharged but with plenty conveyancing solicitors who do transfer of equity conveyancing out there...how do I know which one to appoint?
  • Is it possible to transfer the equity held in my property with my Nottingham Building Society home loan?
  • I already have a mortgage with Nottingham Building Society and am retaining my existing mortgaging but applying to have have the equity transferred to my name only so my ex will no longer be on the mortgage. How long do Nottingham Building Society take to process the application?
  • My decree absolute is through as is the consent order. Now I need to sort out the transfer of equity for the property and the Nottingham Building Society home loan. I have contacted Nottingham Building Society for the transfer of equity forms. What do I do now?

Examples of information requested in a conveyancing solicitor form concerning a Nottingham Building Society Transfer of Equity

If 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” Form.

Please let us know where you are providing any payment for the Transfer of Equity and to whom and disclose any such sums?

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?

Is it the case that one of the registered proprietors passed away? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..

Please provide the name(s) and addresse(s) of anyone to be added to the title deeds?

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

Caveats to be read in supplemental the above Nottingham Building Society transfer of equity Questions and Answers :

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 Nottingham Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

Should the tenure of your property be leasehold, the lease may require that you obtain the consent of 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.

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 conveyancing solicitor will check with Nottingham 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 Nottingham 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.
If you do not keep up the payments on your mortgage with Nottingham Building Society your property may be repossessed.

Preparing the Transfer of Equity with a Nottingham 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 Nottingham 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.

Content 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 Nottingham Building Society transfer of equity