Recently asked questions relating to Nottingham Building Society transfer of equity
- My current mortgage is with Nottingham Building Society. Can I transfer equity to someone under eighteen years old?
- I got my Decree Absolute in 2012. Foolishly I never got around to transfer ownership from the current 'joint' status to just in my name. I now plan to deal with it and there are no objections. Transfer-of-equity is needed. Nottingham Building Society is happy to transfer the property and loan in my name (affordability checks done). Does she need a conveyancer?
- I am disposing of my share of a flat in Warwick to my co-owners husband, they are reapplying to Nottingham Building Society. We are haggling as to who must cover the legal bill for the transfer of equity. Should this be shared or is one of us liable for the fees for?
- What should I be budgeting for when it comes to what conveyancing charges are for a transfer of equity? I need to transfer equity and refinance - new loan with Nottingham Building Society - and have been quoted £350 plus VAT by Nottingham Building Society's appointed conveyancer, Have I been over quoted?
- Our financial adviser has suggested using their conveyancer for my Transfer of Equity plus remortgage with Nottingham Building Society - Is it not simpler easier to just instruct them?
- My former husband are planning to get a conveyancer lined up for a new mortgage with Nottingham Building Society. Transfer of Equity conveyancing is also requiredI have used the different rating based websites and the results are from all over UK. Is it important to instruct a lawyer local to us?
- Two years ago I bought a property without my wife's name on the title documents. My conveyancing solicitor advised it is due to the fact that 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 deeds?
Questions that your lawyer could ask regarding your Nottingham Building Society Transfer of Equity
Where you are adding a person on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.
Please provide a copy of your National Insurance Number?
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?
Please provide the details of those who jointly own the property with you?
Please provide the details of anyone to be extracted from the title deeds?
Caveats to be read in further to the above Nottingham Building Society transfer of equity Info :
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
Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you have a license to do so from the landlord. If such conditions are not complied with you may be in breach of the lease. This could potentially result in the freeholder taking enforcement action against you.
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 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 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 conveyancing solicitor 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.