Examples of recent questions relating to NRAM Ltd transfer of equity

• When it comes to transfer of equity conveyancing involving a remortgage with NRAM Ltd should I be paying VAT on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
• After 3 years separated I have made the decision to relinquish up my share of the apartment to my husband who is refinancing with NRAM Ltd. Could this transfer of equity be done inside 28 days?
• I purchased a flat with my brother in 2008 Since then, we have both got married. We are now looking to do a transfer of equity so my name comes off the NRAM Ltd mortgage. There is a significant difference between the value the lender say and what the property would sell for currently. Can you offer any advice?
• What are the average solicitors fees are for a transfer of equity? I'm in the process of remortgaging - new loan with NRAM Ltd - and have been quoted Three Hundred pounds excluding VAT by NRAM Ltd's approved conveyancing solicitor, Have I been over quoted?
• My dad passed away seven months ago leaving a mortgage-free semi to me and my half brother in equal shared. He has always lived in the house, there was a condition in the will saying the propertycould not be sold for 2 years after her death so he could reside there for a while. He now wishes to remain in the house beyond the specified 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 home loan in the traditional way to acquire my equity?
• My NRAM Ltd home loan we jointly entered into with ex, who has agreed to be removed and let me have the property. NRAM Ltd will permit the transfer of equity to my individual name. Do NRAM Ltd get in touch with my boss to check my salary?
• I am thinking of refinancing my house in Witham does my lawyer have to be on the NRAM Ltd Solicitor panel. The conveyancing also involves a transfer of equity.

Questions that your lawyer is likely to ask in relation to your NRAM Ltd Transfer of Equity

Information to consider in in addition to 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 properties

Should the tenure of your property be leasehold, the lease may require 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 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 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 is dependent on the valuation of the property at the time of completion of the transfer of equity conveyancing.

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 conveyancing solicitor 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.