Recently asked questions relating to Nottingham Building Society transfer of equity

• What if my application doesn't meet Nottingham Building Society lending criteria for a transfer of equity?
• Me and my former husband and I are searching for a responsive conveyancing solicitor to assist in a transfer of equity and remortgage with Nottingham Building Society. I I am fearful of being overcharged and there's plenty conveyancing solicitors who do transfer of equity conveyancing to pick from...who do I opt for?
• I bought a house with my brother in 2010 Since buying the property, we have both got married. We are now intending to do a transfer of equity so my name is removed the Nottingham Building Society mortgage. There is a significant difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
• What do I do if I am unhappy with the lawyer who did my transfer of equity transaction?
• Have recently separated from my wife of twenty years. I'm now living with my parents again and she wishes to remain in the property and pay me off. What portion am I entitled to. Is it half of the equity after discharging the mortgage with Nottingham Building Society? I assume proper valuations are required but I would like to be confident that I'm getting what I am entitled to
• I am in the process of mortgaging my property in Crabtree does my lawyer need to be on the Nottingham Building Society Solicitor panel. The conveyancing also involves a transfer of equity.
• Can I transfer the equity held in my property with my Nottingham Building Society home loan?

Sample of questions in a conveyancing solicitor questionnaire relating to Nottingham Building Society Transfer of Equity

General Advice to read in supplemental the above Nottingham Building Society transfer of equity information :

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 Nottingham Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

If your property is leasehold, provisions in the lease may require that you have a license to do so from the landlord. 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.

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 conveyancer will check with Nottingham 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 Nottingham 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 conveyancing.

Preparing the Transfer of Equity with a Nottingham Building Society Mortgage

When it comes to preparing the the Land Registry documents your conveyancing solicitor should in the ‘consideration’ panel choose the first option, if consideration is given; otherwise ignore the consideration panel altogether.

If Nottingham 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 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 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.