Questions and answers: Nottingham Building Society transfer of equity

• I already have a home loan with Nottingham Building Society and am retaining my current mortgaging but seeking to have it in my name alone so my former wife will be removed from the title. How long do Nottingham Building Society take to deal with the application?
• My mortgage broker has suggested using their conveyancing solicitor for our Transfer of Equity plus remortgage with Nottingham Building Society - Is it not simpler better to just use them?
• I own a property in Blaenavon , with a Nottingham Building Society mortgage with my former partner. Him and his fiance are going to buy me out. We had approval from Nottingham Building Society to remove my name with hers. The transfer of equity needs to be completed by a conveyancing solicitor for Nottingham Building Society (apparently). In order to save fees can I deal with the Land Registry change?
• Three years ago I bought a property without my wife's name on the ownership paperwork. My conveyancing solicitor said it is because she is not in the loan offer with Nottingham Building Society. I'm wondering is there any way that I can put her name on the documents at HM Land Registry?
• Is stamp duty payable when it comes to an transfer of equity with a mortgage with Nottingham Building Society?
• My former wife are seeking to get a conveyancing solicitor lined up for a refinance with Nottingham Building Society. Transfer of Equity conveyancing is also neededI have used the different comparison based websites and the results are from all over England and Wales. Is it important to instruct a lawyer local to us?
• Law month I separated from my wife of 18 years. I'm now living with my parents again and she wants to remain in the flat and buy me out. What percentage do I get. Is it half of the equity after paying off the mortgage with Nottingham Building Society? I assume proper valuations are required but I really need to be confident that I'm getting the best deal

Questions that your conveyancer is likely to ask in relation to your Nottingham Building Society Transfer of Equity

General Advice to read in conjunction with 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, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such terms are not adhered to 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 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 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 is dependent on the market value of the property at the conclusion of the transfer of equity transaction.

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 lawyer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Information contained within 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.