Top seven questions relating to Nottingham Building Society transfer of equity

• I am looking for a lawyer to undertake my transfer of equity. Nottingham Building Society are dealing with the remortgage. I considered asking my mortgage broker. I am lead to believe he will likely receive a referral fee for recommending a firm, but also of benefit will be that he knows the conveyancing solicitor, has a working relationship with them. Any flaws you see in this way of thinking?
• Given that we have been 3 years estranged I have decided to give up my share of the former home to my husband who is re-mortgaging with Nottingham Building Society. Could this transfer of equity be completed within 28 days?
• What if my application doesn't meet Nottingham Building Society lending criteria for a transfer of equity?
• I bought a flat with my cousin six years ago Since buying the property, we have both got married. We are now intending to do a transfer of equity so my name is taken off the Nottingham Building Society mortgage. There is a 30k difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
• What is the process for adding or removing names (transfer of equity) to or from my Nottingham Building Society mortgage account?
• Me and a friend got a joint mortgage with Nottingham Building Society on a flat about a year ago. I am now looking to get a property by myself and my friend would like to buy me out. Once we have agreed a price what are the next steps? Is there likely to be any concerns with Nottingham Building Society with him being solely liable for the total loan rather than only part of it?
• My ex are looking to get a lawyer lined up for a new mortgage with Nottingham Building Society. Transfer of Equity conveyancing is also neededI have used the different comparison based services and the results are from all over the country. Is it important to appoint a lawyer local to us?

Examples of information requested in a conveyancer form relating to Nottingham Building Society Transfer of Equity

Caveats to be read in supporting the above Nottingham Building Society transfer of equity Info :

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 Nottingham Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such terms are not adhered to 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 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 varies based on the valuation of the property at finalisation of the transfer of equity transaction.

Preparing the Transfer of Equity with a Nottingham Building Society Mortgage

When it comes to preparing the the Land Registry documents your conveyancer 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.