Examples of recent questions relating to Nottingham Building Society transfer of equity
- Law week I separated from my ex of twenty years. I'm now living with my mum and dad and she wants to remain in the flat and pay me off. What portion am I entitled to. Is it 50% of the equity after discharging the Nottingham Building Society home loan? I assume proper valuations are required but I really need to be sure that I'm getting what I am entitled to
- I got my Decree Absolute two years ago. For some reason I never got around to change the ownership from the current 'joint' status to just in my name. I am ready to do that and so is she. Transfer-of-equity is presumably the way forward. Nottingham Building Society is willing to transfer the full equity in my name (affordability checks done). Does she need a solicitor?
- My friend and I got a joint mortgage with Nottingham Building Society on a flat a couple of years ago. I am now looking to get a apartment by myself and my friend would like to buy me out. Once we have agreed an amount where do we go? Is there likely to be any issue with Nottingham Building Society with him being responsible for the total mortgage as opposed to only half of it?
- My Nottingham Building Society mortgage we jointly entered into with ex, he has agreed to be removed and put the house in my name alone. Nottingham Building Society have consented to the transfer of equity to my individual name. Will Nottingham Building Society get in touch with my boss to confirm my salary?
- In 2009 I purchased a house without my partner's name on the title. My conveyancer said it is because she was not in the loan offer with Nottingham Building Society. Is it possible for me to put her name on the title?
- I am looking for a lawyer to deal with my transfer of equity. Nottingham Building Society have been approached for a remortgage. I thought of asking my financial adviser. I understand he may receive a kickback for recommending someone, but also of benefit will be that he knows the conveyancing solicitor, has dealt with them before. Any flaws you see in this way of thinking?
- What is the process for adding or removing names (transfer of equity) to or from my Nottingham Building Society mortgage account?
Information that may be required from your lawyer may ask in relation to your Nottingham Building Society Transfer of Equity
Please give the name(s) and addresse(s) of those who jointly own the property with you?
Who will be responsible for the costs of the Transfer of Equity?
Has one of the registered owners died? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..
Have you approached Nottingham Building Society to seek consent to the Transfer of Equity
Please confirm where you are providing any payment for the Transfer of Equity and to whom and disclose the amount?
Please list all persons who occupy the property, their respective ages and relationships to you.
General Advice to read 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, the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such conditions are not complied with you may be in violation 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 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 market value 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 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.