Recently asked questions relating to National Counties Building Society transfer of equity

• Do I need legal advice when doing a transfer of equity where the home loan is to remain with National Counties Building Society?
• Is it possible to transfer the equity held in my property with my National Counties Building Society mortgage?
• I am planning on removing a name from a joint mortgage and the National Counties Building Society require me to use a lawyer to carry out the legalities. Can you recommend a reasonably priced Friern Barnet lawyer to deal with the transfer of equity? They need to be on the National Counties Building Society conveyancing panel.
• I intend to remortgage my home in Wakefield switching from Yorkshire Building Society to National Counties Building Society. The flat is currently in joint names but wish for it to be in my sole name as and when I transfer. My former partner has verbally consented to this and is happy to transfer equity but neither of us want to incur conveyancing solicitor fees.
• I am answering a National Counties Building Society transfer of equity application and have arrived at the questions that asks about defaults etc. There are some debts that I have been reducing since 2008, in fact they no longer remain my credit rating. Do I need to set these out?
• My ex-partner and I are searching for a dependable conveyancing lawyer to assist in a transfer of equity and refinance with National Counties Building Society. I I am concerned about appointing the wrong one but with many conveyancing firms who do transfer of equity conveyancing to choose from...who do I opt for?
• I already have a mortgage with National Counties Building Society and am keeping my existing mortgaging but applying to have it in my name only so my former wife will come off the mortgage. How long does the whole transfer of equity process take?

Examples of questions in a lawyer form concerning a National Counties Building Society Transfer of Equity

Important warnings to consider in conjunction with the above National Counties Building Society transfer of equity Advice :

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 National Counties Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

Should the tenure of your property be leasehold, the lease may require that you have a license to do so from the landlord. If such conditions are not strictly observed you may be in violation of your covenants under the lease. This could potentially result in 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 lawyer will check with National Counties Building Society 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 National Counties Building Society 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 market value of the property at the time of completion of the transfer of equity transaction.

Preparing the Transfer of Equity with a National Counties Building Society 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 National Counties Building Society 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 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.