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Are you in need of a Transfer of Equity with a NRAM Ltd mortgage? Failing to check that a lawyer is on the NRAM Ltd 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.

NRAM Ltd transfer of equity: q and a’s

  • What if my application doesn't meet NRAM Ltd lending criteria for a transfer of equity?
  • Three years ago I purchased a apartment without my wife's name on the ownership paperwork. My conveyancing solicitor claimed it is due to the fact that she was not in the loan offer with NRAM Ltd. Is it possible for me to add her name on the documents at HMLR?
  • I am under the impression we would need at least AP1 and Transfer Deed. Is this true?
  • My NRAM Ltd home loan is in joint names with ex, who is agreeable to be removed and put the house in my name alone. NRAM Ltd will permit the transfer of equity to my individual name. Will NRAM Ltd get in touch with my employer to confirm my salary?
  • What are the average solicitors costs are for a transfer of equity? I need to transfer equity and remortgage - moving over to NRAM Ltd - and have been quoted £350 excluding VAT by NRAM Ltd's appointed conveyancer, Is this is a good price or not?
  • I own a house in Blaenavon , with a NRAM Ltd mortgage with my ex partner. He and his new partner are going to buy me out. We had approval from NRAM Ltd to replace my name with hers. The transfer of equity has to be done by a conveyancing solicitor for NRAM Ltd (apparently). Is it possible for us to deal with the Land Registry change?
  • Having been 4 years separated I have decided to transfer my interest in the house to my husband who is re-mortgaging with NRAM Ltd. Can a transfer of equity be completed in 28 days?

Information that may be required from your conveyancer may ask in relation to your NRAM Ltd Transfer of Equity

Will there be any payment between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive the same

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

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

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

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

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

General Advice to 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 premises

If your property is 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 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 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 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 varies based on the valuation of the property at finalisation 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 conveyancing solicitor 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 conveyancer 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 NRAM Ltd transfer of equity