Examples of recent questions relating to NRAM Ltd transfer of equity
- My NRAM Ltd home loan is in joint names with ex, he is agreeable to come off the deeds and put the house in my name alone. NRAM Ltd have consented to the transfer of equity to my individual name. Will NRAM Ltd call my employer to confirm my salary?
- Me and my former partner and I are searching for an affordable conveyancing lawyer to help me sell in a transfer of equity and remortgage with NRAM Ltd. I am aware of the dangers of getting ripped off and there are various conveyancing organisations who do transfer of equity conveyancing out there...who do I opt for?
- I am trying to find a conveyancing solicitor to handle my transfer of equity. NRAM Ltd have been approached for a refinancing. I considered asking my financial adviser. I understand he will likely receive a referral fee for recommending a firm, but also of benefit will be that he knows the conveyancer, has a working relationship with them. Is my logic flawed?
- I purchased a property with my cousin in 2010 Since then, we have both got married. We are now intending to do a transfer of equity so my name comes off the NRAM Ltd mortgage. There is a 30k difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
- I recently bought a property without my wife's name on the ownership paperwork. My conveyancing solicitor advised it is due to the fact that she was not in the loan offer with NRAM Ltd. I'm wondering is there any way that I can put her name on the deeds?
- I am disposing of my equity in house in Birmingham to my co-owners husband, they are sticking with NRAM Ltd as the the existing lender. We are in heated discussion as to who should pay the charges for the transfer of equity. Should this be shared or is one party obliged to cover the charges for?
- What are the average legal costs are for a transfer of equity? I'm in the process of remortgaging - new loan with NRAM Ltd - and have been quoted £250 including VAT by NRAM Ltd's appointed lawyer, Have I been over quoted?
Information that may be required from your conveyancing solicitor is likely to ask regarding your NRAM Ltd Transfer of Equity
Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?
Is the transfer of equity subject to a court order? If yes please supply a copy
Is it the case that one of the registered owners passed away? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?
Have you approached NRAM Ltd to seek consent to the Transfer of Equity
Please provide a copy of your National Insurance Number?
Caveats to be read in supplemental the above NRAM Ltd transfer of equity Info :
Tax and Legal
There may be various 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 titles
If your property is leasehold, provisions in the lease may have a requirement for notices to be served and that you have a license to do so from the landlord. If such terms are not adhered to you may be in breach of your covenants under the lease. This could trigger the freeholder taking enforcement action against you.
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 conveyancing.
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 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.
Information provided 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.