NRAM Ltd transfer of equity example support desk enquires
- I got divorced three years ago. I simply never dealt with the transfer ownership from the current 'joint' status to my sole name. I now plan to deal with it and there are no objections. Transfer-of-equity is presumably the way forward. NRAM Ltd is happy to transfer the property and loan in my name (affordability checks done). Does she need any legal representation?
- Been looking at online blogs that solicitors are more expensive than licensed conveyancers when it comes to transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor where I am transferring equity and simultaneously remortgaging with NRAM Ltd
- Have recently split up with my ex of 18 years. I'm now living with my parents again and she wants to stay in the apartment and buy me out. What percentage am I entitled to. Is it half of the equity after discharging the mortgage with NRAM Ltd? I assume proper valuations are required but I really need ensure that I'm getting I am not being walked over
- Me and my partner co-own a house in Timperley
. Home loan is with NRAM Ltd. I want to transfer full ownership to him with no exchange of money but without using a conveyancing solicitor. Do you think this should be simple?
- I jointly own a house in Heathfield
, with a NRAM Ltd loan with my ex partner. Him and his new partner are going to acquire my share. We had consent from NRAM Ltd to replace my name with hers. The transfer of equity has to be done by a lawyer for NRAM Ltd (apparently). In order to save fees can I do the Land Registry change?
- Me and a friend got a joint mortgage with NRAM Ltd on a property about a year ago. I am now thinking of purchasing a apartment on my own and my friend would like to buy me out. Once we have agreed a price what happens next? Is there likely to be any issue with NRAM Ltd with him being on the hook for the total loan as opposed to only part of it?
- Three years ago I bought a apartment without my fiance’s name on the title documents. My lawyer said it is because she was not in the mortgage with NRAM Ltd. Is it possible for me to add her name on the documents at HMLR?
Questions that your conveyancing solicitor could ask regarding your NRAM Ltd Transfer of Equity
Please give the name(s) and addresse(s) of anyone who jointly owns the property with you?
Is it the case that one of the registered proprietors died? If so please forward us with a copy of the Death Certificate, Probate and a copy of the Will.
Please let us know if you are providing any payment for the Transfer of Equity and to whom and give details of any such sums?
Please provide a copy of your National Insurance Number?
Where you are adding someone on to the title deeds how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.
Where you 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?
Information to consider in supplemental 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 have a requirement for notices to be served and that you obtain the consent of the freeholder. 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.
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 the conclusion of the transfer of equity conveyancing.
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 lawyer 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.