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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.

Top seven questions relating to NRAM Ltd transfer of equity

  • My father passed away seven months ago leaving a unencumbered semi to me and my brother in equal shared. Having continues to reside at the house, there was a clause in the will specifying that the propertycould not be sold for three years after her death so he could remain there for a while. He now says he would like to remain in the premises beyond the prescribed period. We have considered a transfer of equity. Would I be right in thinking that we should get a valuation then he'd get a mortgage in the traditional way to acquire my share?
  • Can you tell me how to have someone removed from the deeds to a house if the mortgage is with NRAM Ltd
  • I am planning on removing a name from a joint mortgage and the NRAM Ltd require me to use a conveyancing solicitor to carry out the paperwork. Can you recommend a reasonably priced Miles Platting conveyancer to deal with the transfer of equity? They need to be on the NRAM Ltd conveyancing panel.
  • Will I incur any fees for a Transfer of Equity where the existing home loan is with NRAM Ltd?
  • Have recently separated from my wife of 18 years. I'm now back with my parents again and she wants to stay in the apartment and buy me out. What portion am I entitled to. Is it half of the equity after redeeming the NRAM Ltd home loan? I assume proper valuations are required but I really need ensure that I'm getting the best deal
  • My decree absolute has gone through as is the consent order. Now I have to address the transfer of equity at the land registry and the NRAM Ltd home loan. I have called NRAM Ltd for the transfer of equity application. What happens next?
  • Is it possible to apply to borrow a further advance from NRAM Ltd as part of a Transfer of Equity?

Information that may be required from your lawyer is likely to ask about your NRAM Ltd 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?

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

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

If 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.

Is there to be any consideration monies passing between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive what figure

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 Questions and Answers :

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 strictly observed you may be in breach of 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 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 varies based on the market value 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 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 NRAM Ltd transfer of equity