Common questions relating to Nottingham Building Society transfer of equity
- The financial adviser has suggested using their lawyer for our Transfer of Equity plus remortgage with Nottingham Building Society - Surely it’s advisable to just instruct them?
- My decree absolute is through as is the consent order. Now I need to sort out the transfer of equity on title deeds and the Nottingham Building Society home loan. I have called Nottingham Building Society for the transfer of equity forms. What happens next?
- My mum passed away half a year ago leaving a unencumbered semi to me and my half brother 50:50. Having continues to reside at the premises, there was a condition in her will specifying that the propertycould not be sold for 24 months following her passing so he could remain there for a prescribed period. He now wants to remain in the property beyond the prescribed period. We have discussed a transfer of equity. Would I be right in thinking that we'd get a valuation then he'd get a home loan in the traditional way to acquire my equity?
- When it comes to transfer of equity conveyancing involving a remortgage with Nottingham Building Society should I be invoiced VAT on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
- Have recently separated from my ex of thirty years. I'm now living with my parents again and she wishes to remain in the flat and buy me out. What portion am I entitled to. Is it half of the equity after discharging the Nottingham Building Society home loan? I assume proper valuations are necessary but I really need to be confident that I'm getting what I am entitled to
- How do I go about adding or subtracting names (transfer of equity) to or from my Nottingham Building Society mortgage account?
- I got my Decree Absolute in 2011. I simply never got around to change the ownership from the current 'joint' status to my sole name. I am ready to do that and so is she. Transfer-of-equity is presumably the way forward. Nottingham Building Society is happy to transfer the full equity in my name (affordability checks done). Does she need a conveyancer?
Examples of questions in a conveyancing solicitor form concerning a Nottingham Building Society Transfer of Equity
Please give the details of anyone to be extracted from the property title?
Is there to be any consideration monies passing between the parties for the Transfer of Equity? If so, please state the amount and who is to receive what figure
Have you approached Nottingham Building Society to obtain consent to the Transfer of Equity
Where you 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 provide the details of anyone who jointly owns the premises with you?
Please provide the name(s) and addresse(s) of anyone to be added to the title deeds?
Important warnings to consider in supplemental 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 properties
Should the tenure of your property be leasehold, the lease may require that you have a license to do so from the landlord. If such restrictions are not strictly observed you may be in violation 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 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 lawyer 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.
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.