Common questions relating to Nottingham Building Society transfer of equity
- Can you tell me how to have someone removed off the title documents to a property where the mortgage is with Nottingham Building Society
- I got my Decree Absolute two years ago. I simply never got around to change the ownership from the current 'joint' status to my name alone. I now plan to deal with it and there are no objections. Transfer-of-equity is presumably the way forward. Nottingham Building Society is willing to transfer the full equity in my name (financial checks done). Does she need a solicitor?
- Is it possible to apply to request more money from Nottingham Building Society as part of a Transfer of Equity?
- What are the average conveyancing costs are for a transfer of equity? I'm in the process of remortgaging - new loan with Nottingham Building Society - and have been quoted £350 including VAT by Nottingham Building Society's appointed conveyancer, Have I been over quoted?
- I own a flat in Timperley
, with a Nottingham Building Society loan with my ex husband. He and his fiance are going to acquire my share. We had approval from Nottingham Building Society to remove my name with hers. The transfer of equity has to be done by a conveyancing solicitor for Nottingham Building Society (apparently). Is it possible for us to do the Land Registry formalities?
- Online research suggests that solicitors are more expensive than conveyancers when it comes to transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor where I need to be transferring equity and simultaneously remortgaging with Nottingham Building Society
- I already have a mortgage with Nottingham Building Society and am retaining my current mortgaging but applying to have it in my name only so my former wife will be removed from the title. How long do Nottingham Building Society take to process the application?
Information that may be required from your lawyer is likely to ask in relation to your Nottingham Building Society Transfer of Equity
Please provide a copy of your National Insurance Number?
Please list all persons who occupy the property, their respective ages and relationships to you.
Please provide the name(s) and addresse(s) of those who jointly own the property with you?
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?
Would you like us to prepare Declaration of Trust. If so are you willing to pay for the further fee (beyond the Transfer of Equity fee)?
Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been completed?
General Advice to read in supporting 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 premises
If your property is leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such restrictions are not strictly observed you may be in breach of your covenants under the lease. This could trigger the freeholder taking enforcement action against you.
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 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 is dependent on the valuation of the property at finalisation of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Nottingham Building Society.
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 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 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.