Examples of recent questions relating to Nottingham Building Society transfer of equity
- I am in the process of removing a name from a joint mortgage and the Nottingham Building Society need me to use a lawyer to carry out the conveyancing. Can you recommend a reasonably priced Miles Platting
conveyancing solicitor to deal with the transfer of equity? They need to be on the Nottingham Building Society conveyancing panel.
- Our mortgage broker has recommended their conveyancing solicitor for my Transfer of Equity plus remortgage with Nottingham Building Society - Is it not simpler advisable to just instruct them?
- Is stamp duty payable when it comes to an transfer of equity with a mortgage with Nottingham Building Society?
- I currently have a joint Nottingham Building Society mortgage with my cousin and am investigating the possibility of him taking on the outstanding mortgage and subtracting myself from it, so as to enable me to purchase a place with my fiance. The remaining mortgage is approx 300k, and the property value is in the region 450k. Is this a transfer of equity? Is land tax involved?
- Is it possible to transfer the equity held in my property with my Nottingham Building Society home loan?
- I am transferring my equity in property in Birmingham to the other co-owners husband, they are sticking with Nottingham Building Society as the the existing mortgage company. We are haggling as to who must cover the fees for the transfer of equity. Should this be shared or is one party liable for the fees for?
- I purchased a flat with a friend five.seven years ago Since then, we have both got married. We are now seeking to do a transfer of equity so my name is taken off the Nottingham Building Society mortgage. There is a 40k difference between the value the lender hold and what the property would sell for currently. Can you offer any advice?
Information that may be required from your lawyer is likely to ask about your Nottingham Building Society Transfer of Equity
If you are adding a person on to the title deeds how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.
Can you give the name(s) and addresse(s) of those who jointly own the property with you?
Please list all persons who occupy the property, their respective ages and relationships to you.
Has consent been obtained from Nottingham Building Society to the proposed transfer of equity?
Please give the details of anyone to be removed from the title deeds?
Please clarify where you are making any payment for the Transfer of Equity and to whom and notify us any such sums?
General Advice to read in in addition 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 premises
Should the tenure of your property be leasehold, provisions in the lease may require that you have a license to do so from the freeholder. If such conditions are not complied with you may be in breach of the lease. This could trigger 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 varies based on the market value 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 contained within 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.