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National Westminster Bank

National Westminster Bank transfer of equity example support desk enquires

  • What do I need to do when it comes adding or subtracting names (transfer of equity) to or from my National Westminster Bank mortgage account?
  • I am hoping to refinance my maisonette in Rye changing from Virgin Money to National Westminster Bank. The apartment is jointly owned but intend for it to be in my name only when I switch. My former partner has verbally consented to this and is happy to transfer equity but neither of us want to get a second lawyer involved.
  • Can you tell me how to have a person removed off the deeds to a property where the home loan is with National Westminster Bank
  • When it comes to transfer of equity conveyancing involving a remortgage with National Westminster Bank should I be paying VAT on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • Given that we have been four years apart I have made the decision to transfer my share of our property to my husband who is re-mortgaging with National Westminster Bank. Can a transfer of equity be completed inside one month?
  • I already have a mortgage with National Westminster Bank and am maintaining my current mortgaging but wish to have have the equity transferred to my sole name so my former wife will no longer be on the mortgage. How long do National Westminster Bank take to deal with the application?
  • Do I need legal advice when doing a transfer of equity where the home loan is to remain with National Westminster Bank?

Information that may be required from your conveyancing solicitor is likely to ask in relation to your National Westminster Bank Transfer of Equity

Please list all persons who occupy the property, their respective ages and relationships to you.

Has consent been obtained from National Westminster Bank to the proposed transfer of equity?

Who will be responsible for the costs of the Transfer of Equity?

Where you are adding someone on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

We need you to supply the National Insurance Number(s) of all the new owners (required for completion of the Stamp Duty Land Tax Form)

Please provide the name(s) and addresse(s) of anyone to be added to the property title?

Caveats to be read in supporting the above National Westminster Bank transfer of equity information :

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 National Westminster Bank conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

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 landlord. If such conditions are not complied with 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 pursuant to 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 conveyancer will check with National Westminster Bank 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 Westminster Bank 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 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 National Westminster Bank.

Preparing the Transfer of Equity with a National Westminster Bank 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 Westminster Bank 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.

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.


Frequently asked questions relating to National Westminster Bank transfer of equity