Examples of recent questions relating to Nottingham Building Society transfer of equity

• How do I go about adding or removing names (transfer of equity) to or from my Nottingham Building Society mortgage account?
• In 2012 I bought a house without my fiance’s name on the title documents. My conveyancer advised it is because she was not in the loan offer with Nottingham Building Society. I'm wondering is there any way that I can put her name on the title?
• My mum passed away early last year leaving a mortgage-free property to me and my brother equally. Having continues to reside at the property, there was a clause in her will specifying that the propertycould not be sold for 2 years after her passing so he could remain there for a specified time frame. He now wishes to remain in the property beyond the specified period. We have discussed a transfer of equity. Am I right in saying we'd get a valuation then he'd get a home loan in the traditional way to buy my share?
• What if my application doesn't meet Nottingham Building Society lending criteria for a transfer of equity?
• My existing mortgage is with Nottingham Building Society. Can I transfer equity to someone under eighteen years old?
• Can I apply to request more money from Nottingham Building Society as part of a Transfer of Equity?
• Nottingham Building Society have just agreed I can take over the mortgage on my home. I have applied for a transfer of equity but is this a transfer of ownership at HMLR as well?

Questions that your conveyancing solicitor could ask in relation to your Nottingham Building Society Transfer of Equity

Information to consider in supplemental the above Nottingham Building Society transfer of equity Advice :

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 Nottingham 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 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 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 varies based on the valuation of the property at the conclusion of the transfer of equity conveyancing.

Preparing the Transfer of Equity with a Nottingham Building Society Mortgage

When it comes to preparing the the Land Registry documents your lawyer 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.

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.