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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.

Top seven questions relating to Nottingham Building Society transfer of equity

  • Three years ago I purchased a house without my fiance’s name on the title documents. My lawyer said it is due to the fact that she was not in the loan offer with Nottingham Building Society. Is it possible for me to add her name on the title?
  • My divorce is through as is the consent order. Now I have to sort out the transfer of equity at the HMLR and the Nottingham Building Society mortgage. I have contacted Nottingham Building Society for the transfer of equity application. What happens next?
  • I am led to believe we would need at least AP1 and TR1. Is this true?
  • I got divorced three years ago. I simply never got around to transfer ownership from the current 'joint' status to my name alone. I now plan to deal with it and there are no objections. Transfer-of-equity is presumably the way forward. Nottingham Building Society is willing to transfer the full equity in my name (financial checks done). Does she need a conveyancer?
  • How and when do I incur the Stamp Duty Land Tax chargeable for the transfer of equity in my property in my name alone which is taking place simultaneously with a remortgage with Nottingham Building Society?
  • My Nottingham Building Society home loan we jointly entered into with ex, he 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 verify my salary?
  • My existing mortgage is with Nottingham Building Society. Can I transfer equity to someone under 18 years old?

Examples of information requested in a lawyer form concerning a Nottingham Building Society Transfer of Equity

If are going to hold 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 draft you Declaration of Trust. If so are you willing to incur the additional fee (beyond the Transfer of Equity fee)?

Please provide a copy of your National Insurance Number?

Please provide the name(s) and addresse(s) of those who jointly own the property with you?

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

Who will be responsible for the costs of the Transfer of Equity?

Information to consider in supporting 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 properties

Should the tenure of your property be leasehold, 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 terms are not adhered to you may be in violation of your covenants under the lease. This could potentially result in 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 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 time of completion 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 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 should not be regarded as 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