Questions and answers: NRAM Ltd transfer of equity

• What is the process for having a person removed off the deeds to a property if the home loan is with NRAM Ltd
• How much the typical solicitors fees are for a transfer of equity? I'm in the process of remortgaging - new loan with NRAM Ltd - and have been quoted £350 including VAT by NRAM Ltd's approved conveyancer, Have I been over quoted?
• I purchased a house with my cousin in 2009 Since then, we have both got married. We are now intending to do a transfer of equity so my name is taken off the NRAM Ltd mortgage. There is a meaningful difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
• I got my Decree Absolute two years ago. I simply never dealt with the transfer ownership from both our names to just in my 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 full equity in my name (financial checks done). Does my ex need a lawyer?
• My ex are planning to get a lawyer lined up for a new mortgage with NRAM Ltd. Transfer of Equity conveyancing is also necessaryI have used the different comparison based websites and the results are from all over UK. Is it important to appoint a lawyer local to us?
• I am completing a NRAM Ltd transfer of equity application and have come to the questions regarding defaults etc. There are some debts that I have been paying off since 2008, in fact they have long since disappeared from my credit records. Do I need to reveal these?
• Is stamp duty payable when it comes to an transfer of equity with a mortgage with NRAM Ltd?

Examples of questions in a conveyancer form relating to NRAM Ltd Transfer of Equity

General Advice to read in further to 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 premises

Should the tenure of your property be leasehold, the lease may require that you obtain the consent of the landlord. If such terms are not adhered to you may be in violation of your covenants under 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 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 market value of the property at the conclusion of the transfer of equity transaction.

Preparing the Transfer of Equity with a NRAM Ltd 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 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.

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.