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NRAM Ltd

Common questions relating to NRAM Ltd transfer of equity

  • Can you tell me how to have a person removed from the deeds to a house if the home loan is with NRAM Ltd
  • I am hoping to refinance my home in Romsey changing from Halifax to NRAM Ltd. The flat is jointly owned but propose for it to be in my name only when I remortgage. My wife is OK with this and is willing to sign a form but neither of us want to incur lawyer charges.
  • My -ex-husband and I are searching for a quality conveyancing lawyer to help me sell in a transfer of equity and refinance with NRAM Ltd. I I am concerned about being overcharged but with plenty conveyancing solicitors who do transfer of equity conveyancing out there...who do I opt for?
  • My decree absolute is through as is the consent order. Now I must deal with the transfer of equity on title deeds and the NRAM Ltd home loan. I have contacted NRAM Ltd for the transfer of equity forms. What happens next?
  • My partner and I jointly own a property in Miles Platting . Mortgage is with NRAM Ltd. I wish to transfer full ownership to him with no passing of money but without using a conveyancing solicitor. Is this likely to be straightforward?
  • As things stand I have a joint NRAM Ltd mortgage with my cousin and am looking into the feasibility of him taking on the outstanding mortgage and removing myself from it, to enable me to purchase a property with my partner. The outstanding mortgage is approx 250k, and the property value is in the region 600k. Is this a transfer of equity? Is stamp duty involved?
  • My existing mortgage is with NRAM Ltd. Can I transfer equity to someone who is not yet eighteen years old?

Sample of information requested in a lawyer form concerning a NRAM Ltd Transfer of Equity

We need you to provide the National Insurance Number(s) of all the new owners (required for completion of the Stamp Duty Land Tax Form)

Is there to be any payment between the parties for the Transfer of Equity? If so, please state the amount and who is to receive the same

Can you give the details of anyone who jointly owns the property with you?

Please provide the name(s) and addresse(s) of anyone to be extracted from the property title?

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

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?

Important warnings to consider in conjunction with 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

If your property is leasehold, the lease may require that you obtain the consent of the landlord. If such conditions are not complied with 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 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 varies based on the valuation of the property at finalisation of the transfer of equity transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with NRAM Ltd.

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 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