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NRAM Ltd

Examples of recent questions relating to NRAM Ltd transfer of equity

  • I already have a mortgage with NRAM Ltd and am retaining my current mortgaging but wish to have have the equity transferred to my name only so my former husband will no longer be on the deeds. How long can it take for the paperwork to be processed?
  • My decree absolute is through as is the consent order. Now I need to address the transfer of equity at the HMLR and the NRAM Ltd home loan. I have contacted NRAM Ltd for the transfer of equity forms. What are my next steps?
  • Last year bought a flat without my partner's name on the title documents. My conveyancer claimed it is due to the fact that she is not in the mortgage with NRAM Ltd. Is it possible for me to put her name on the deeds?
  • Is it sensible to cancel my mortgage payments with NRAM Ltd once a date for my remortgage and transfer of equity has been agreed?
  • My financial adviser has recommended their conveyancing solicitor for our Transfer of Equity plus remortgage with NRAM Ltd - won’t it be easier to just use them?
  • How much the typical solicitors fees are for a transfer of equity? I'm in the process of remortgaging - new loan with NRAM Ltd - and have been quoted £350 excluding VAT by NRAM Ltd's approved lawyer, Is this a reasonable price?
  • My current home loan is with NRAM Ltd. Can I transfer equity to someone under eighteen years old?

Sample of questions in a conveyancing solicitor questionnaire relating to NRAM Ltd Transfer of Equity

Can you provide the details of those who jointly own the property with you?

Please let us know of you wish us to draft you Declaration of Trust. If so are you willing to pay for the additional fee (beyond the Transfer of Equity fee)?

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

Please list all persons who occupy the property, their respective ages and relationships to you.

Where you 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?

Please provide a copy of your National Insurance Number?

Information to consider in supplemental the above NRAM Ltd transfer of equity Info :

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, provisions in the lease may require that you obtain the consent of the landlord. If such restrictions are not strictly observed you may be in violation of the lease. This could trigger 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 valuation of the property at the conclusion 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.

Information contained within 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