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NRAM Ltd

Examples of recent questions relating to NRAM Ltd transfer of equity

  • What should I be budgeting for when it comes to what legal costs are for a transfer of equity? I'm in the process of remortgaging - moving over to NRAM Ltd - and have been quoted £350 plus VAT by NRAM Ltd's approved conveyancing solicitor, Have I been over quoted?
  • My NRAM Ltd mortgage is in joint names with ex, who has agreed to come off the mortgage and let me have the property. NRAM Ltd will permit the transfer of equity to my individual name. Will NRAM Ltd get in touch with my boss to confirm my salary?
  • I am in the process of mortgaging my house in Heathfield does my lawyer have to be on the NRAM Ltd Solicitor panel. The conveyancing also involves a transfer of equity.
  • I own a property in Sedgefield , with a NRAM Ltd loan with my former husband. Him and his fiance are going to buy me out. We had the go ahead from NRAM Ltd to remove my name with hers. The transfer of equity needs to be done by a lawyer for NRAM Ltd (apparently). Can we do the Land Registry formalities?
  • Been reviewing consumer forums that solicitors are more expensive than conveyancers when it comes to transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor where I need to be transferring equity and simultaneously remortgaging with NRAM Ltd
  • The mortgage broker has suggested using their lawyer for the Transfer of Equity plus remortgage with NRAM Ltd - won’t it be easier to just use them?
  • I got my Decree Absolute in 2012. For some reason I never dealt with the change the 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. NRAM Ltd is willing to transfer the property and loan in my name (financial checks done). Does my ex need a lawyer?

Sample of questions in a conveyancing solicitor form concerning a NRAM Ltd Transfer of Equity

Please give the name(s) and addresse(s) of anyone to be added to the property title?

Is it the case that one of the registered owners passed away? If so please supply us with a copy of the Death Certificate, Probate and a copy of the Will.

Will there be any consideration monies passing between the parties for the Transfer of Equity? If so, please state the amount and who is to receive the same

Please provide the details of anyone who jointly owns the property with you?

Where you are adding a person on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

Have you approached NRAM Ltd to obtain consent to the Transfer of Equity

Caveats to be read in supporting the above NRAM Ltd transfer of equity Advice :

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 NRAM Ltd conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

If your property is leasehold, provisions in 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 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 pursuant to 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 conveyancing solicitor will check with NRAM Ltd 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 NRAM Ltd 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 market value 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 NRAM Ltd your property may be repossessed.

Preparing the Transfer of Equity with a NRAM Ltd 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 NRAM Ltd 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 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 NRAM Ltd transfer of equity