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Nottingham Building Society

Sample questions relating to Nottingham Building Society transfer of equity

  • Will I incur any fees for a Transfer of Equity where the current home loan is with Nottingham Building Society?
  • Can I apply to borrow a further advance from Nottingham Building Society as part of a Transfer of Equity?
  • I jointly own a apartment in Wakefield , with a Nottingham Building Society loan with my ex husband. He and his new partner are going to buy me out. We had approval from Nottingham Building Society to replace my name with hers. The transfer of equity has to be done by a conveyancer for Nottingham Building Society (supposedly). Is it possible for us to deal with the Land Registry change?
  • Been reviewing consumer blogs that solicitors are more expensive than licensed conveyancers when it comes to transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor if I need to be transferring equity and at the same time remortgaging with Nottingham Building Society
  • My Nottingham Building Society mortgage is in joint names with ex, he is agreeable to be removed and let me have the property. Nottingham Building Society have consented to the transfer of equity to my individual name. Will Nottingham Building Society call my company to verify my salary?
  • Is there such a thing a transfer of equity stamp duty calculator?
  • My divorce is through as is the consent order. Now I must deal with the transfer of equity for the property and the Nottingham Building Society home loan. I have asked Nottingham Building Society for the transfer of equity application. What happens next?

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

Has consent been obtained from Nottingham Building Society to the proposed transfer of equity?

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

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

Please provide the details of anyone to be extracted from the title deeds?

Where 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” Questionnaire.

Please provide the details of those who jointly own the premises with you?

General Advice to read in in addition to 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 titles

If your property is leasehold, provisions in the lease may require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in breach of the lease. This could trigger the freeholder taking enforcement action against you.

Indemnity Insurance

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 cases, 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 market value of the property at finalisation 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 conveyancer 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 conveyancer 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 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.


Frequently asked questions relating to Nottingham Building Society transfer of equity