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Nottingham Building Society

Nottingham Building Society transfer of equity example support desk enquires

  • My former husband are seeking to get a lawyer in place for a remortgage with Nottingham Building Society. Transfer of Equity conveyancing is also neededI have used the different comparison based services and the results are from all over UK. Is it important to have a lawyer local to us?
  • Me and my partner co-own a flat in Littleborough . Mortgage is with Nottingham Building Society. I want to transfer full ownership to him with no passing of money but without using a conveyancing solicitor. Do you think this should be simple?
  • What do I need to do when it comes adding or subtracting names (transfer of equity) to or from my Nottingham Building Society mortgage account?
  • I jointly own a house in Dunnington , with a Nottingham Building Society loan with my ex husband. He and his fiance are going to buy me out. We had consent 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). In order to save fees can I do the Land Registry change?
  • Nottingham Building Society yesterday agreed I can take over the mortgage on the flat. I previously applied for a transfer of equity but presumably there is a transfer of ownership of the house in addition?
  • I intend to remortgage my home in Heathfield switching from Leeds Building Society to Nottingham Building Society. The home is jointly owned but intend for it to be in my name only as and when I transfer. My former partner has agreed to this and is willing to transfer equity but neither of us want to get a second conveyancer involved.
  • What do I do if I am unhappy with the lawyer who did our transfer of equity conveyancing?

Sample of information requested in a lawyer questionnaire concerning a Nottingham Building Society Transfer of Equity

Have you approached Nottingham Building Society to obtain consent to the Transfer of Equity

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 let us know where you are making any payment for the Transfer of Equity and to whom and notify us any such sums?

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?

Is it the case that one of the registered proprietors passed away? If so please forward us with a copy of the Death Certificate, Probate and a copy of the Will.

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

Information to consider 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 titles

Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in breach of the lease. This could potentially result in 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 conveyancer 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.
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 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 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.


Frequently asked questions relating to Nottingham Building Society transfer of equity