LenderPanel.com

Find a Law Firm approved by
Nottingham Building Society

Are you in need of a Transfer of Equity with a Nottingham Building Society mortgage? Failing to check that a lawyer is on the Nottingham Building Society list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Nottingham Building Society transfer of equity: q and a’s

  • In 2009 I bought a flat without my wife's name on the title documents. My lawyer claimed it is because she was not in the loan offer with Nottingham Building Society. I'm wondering is there any way that I can add her name on the deeds?
  • My partner and I have equal shares in a BTL. I am a top rate tax payer. Ideally I would like to do a transfer of equity to her sole name in order reduce our tax on rental income. Assuming Nottingham Building Society are content with this the legal fees are inexpensive. However what happens when we dispose of the property? Would my GGT relief be lost.
  • I understand we would need at least AP1 and TR1. Is this true?
  • Law month I split up with my partner of 18 years. I'm now back with my parents again and she wishes to remain in the property and buy me out. What portion do I get. Is it half of the equity after redeeming the Nottingham Building Society home loan? I assume proper valuations are required but I really need to be sure that I'm getting the best deal
  • At what stage do I cover the costs of the Stamp Duty Land Tax payable for the transfer of equity in my home in my sole name which is taking place simultaneously with a switching mortgage with Nottingham Building Society?
  • Is it possible to apply to borrow more money from Nottingham Building Society as part of a Transfer of Equity?
  • My Nottingham Building Society mortgage is in joint names with ex, who has agreed to be removed and let me have the property. Nottingham Building Society will permit the transfer of equity to me solely. Do Nottingham Building Society call my boss to check my salary?

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

If are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Please let us know of you wish us to draft you Declaration of Trust. If so are you willing to incur the further fee (beyond the Transfer of Equity fee)?

Will there be any payment between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive what figure

Please provide the details of anyone to be extracted from the property title?

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?

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

Information to consider in conjunction with the above Nottingham Building Society transfer of equity Questions and Answers :

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

Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such conditions are not complied with 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 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 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 varies based on the valuation of the property at the conclusion of the transfer of equity transaction.
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.


Frequently asked questions relating to Nottingham Building Society transfer of equity