LenderPanel.com

Find a Law Firm for your Transfer of Equity approved by
Nottingham Building Society

Questions and answers: Nottingham Building Society transfer of equity

  • The financial adviser has recommended their conveyancing solicitor for the Transfer of Equity plus remortgage with Nottingham Building Society - Is it not simpler easier to just instruct them?
  • I own a property in Winchelsea , with a Nottingham Building Society mortgage with my former husband. He and his fiance are going to acquire my share. We had approval from Nottingham Building Society to substitute my name with hers. The transfer of equity has to be done by a conveyancer for Nottingham Building Society (apparently). In order to save fees can I deal with the Land Registry formalities?
  • Law month I separated from my ex of 18 years. I'm now back with my parents again and she wants to remain in the apartment and pay me off. What portion do I get. Is it 50% of the equity after redeeming the Nottingham Building Society home loan? I assume proper valuations are necessary but I would like to be sure that I'm getting the best deal
  • When it comes to transfer of equity conveyancing involving a remortgage with Nottingham Building Society should I be paying VAT on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • My friend and I got a joint mortgage with Nottingham Building Society on a property in 2013. I am now looking to get a house on my own and my friend would like to buy me out. Once we have agreed a price what are the next steps? Would there be any potential problem with Nottingham Building Society with him being on the hook for the total loan as opposed to only half of it?
  • Will I incur any charges for a Transfer of Equity where the existing home loan is with Nottingham Building Society?
  • My fiance and myself have equal shares in a investment property. I am a higher rate tax payer. Preferably I wish to complete a transfer of equity into her name with a view to reduce our tax on rental income. Assuming Nottingham Building Society are happy with this the legal fees are inexpensive. However what happens when we dispose of the property? Would my GGT relief be lost.

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

Please list all persons who occupy the property, their respective ages and relationships to you.

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

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

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

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

Where you are adding a person 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” Questionnaire.

Caveats to be read in conjunction with the above Nottingham Building Society transfer of equity Info :

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 premises

If your property is leasehold, the lease may require that you have a license to do so from the landlord. If such terms are not adhered to you may be in violation of your covenants under 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 varies based 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 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