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Find a Law Firm for your Transfer of Equity approved by
Nottingham Building Society

Sample questions relating to Nottingham Building Society transfer of equity

  • My financial adviser has suggested using their lawyer for my Transfer of Equity plus remortgage with Nottingham Building Society - won’t it be easier to just instruct them?
  • I am in the process of mortgaging my flat in Crabtree does my lawyer need to be on the Nottingham Building Society Conveyancing panel. The conveyancing also involves a transfer of equity.
  • I am planning on removing a name from a joint mortgage and the Nottingham Building Society need me to use a conveyancing solicitor to carry out the conveyancing. Can you recommend a reasonably priced Blaenavon lawyer to deal with the transfer of equity? They need to be on the Nottingham Building Society conveyancing panel.
  • I am under the impression we would need at least AP1 and TR1. Is this true?
  • I am selling my share of a flat in Warwick to my co-owners fiance, they are reapplying to Nottingham Building Society. We are debating as to who should cover the legal bill for the transfer of equity. Should this be split or is one party liable for the legal bill?
  • My partner and I co-own a house in Crabtree . Home loan is with Nottingham Building Society. I wish to transfer full ownership to him with no payment of money but without using a conveyancing solicitor. Do you think this should be simple?
  • I currently have a joint Nottingham Building Society mortgage with my cousin and am investigating the possibility of him assuming responsibility for the outstanding mortgage and extracting myself from it, so as to enable me to buy a property with my fiance. The outstanding mortgage is about 200k, and the property value is in the region 500k. Is this a transfer of equity? Is stamp duty payable?

Questions that your conveyancer may 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?

Would you like us to draw up a Declaration of Trust. If so are you willing to incur the further fee (beyond the Transfer of Equity fee)?

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

Has one of the registered proprietors died? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..

Where you are adding a person on to the property how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

Have you approached Nottingham Building Society to obtain consent to the Transfer of Equity

Important warnings to consider in in addition to the above Nottingham Building Society transfer of equity Info :

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, provisions in the lease may have a requirement for notices to be served and that you have a license to do so from the freeholder. If such conditions are not complied with you may be in breach 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 time of completion of the transfer of equity transaction.
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.

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.


Frequently asked questions relating to Nottingham Building Society transfer of equity