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National Westminster Bank

Recently asked questions relating to National Westminster Bank transfer of equity

  • Is there such a thing a transfer of equity stamp duty calculator?
  • I co-own a house in Timperley , with a National Westminster Bank loan with my ex partner. Him and his fiance are going to acquire my share. We had approval from National Westminster Bank to remove my name with hers. The transfer of equity has to be done by a lawyer for National Westminster Bank (supposedly). Can we do the Land Registry change?
  • I am looking for a conveyancer to undertake my transfer of equity. National Westminster Bank are dealing with the refinancing. I considered asking my financial adviser. I understand he may get a referral fee for recommending someone, but also of benefit will be that he knows the lawyer, has a working relationship with them. Any flaws you see in this way of thinking?
  • What if my application doesn't meet National Westminster Bank lending criteria for a transfer of equity?
  • What legal advice do I need when doing a transfer of equity where the home loan is to remain with National Westminster Bank?
  • I am completing a National Westminster Bank transfer of equity application and have arrived at the part regarding debts etc. There are some debts that I have been reducing over a long period, in fact they no longer remain my credit score. Must I set these out?
  • My divorce is through as is the consent order. Now I need to sort out the transfer of equity for the property and the National Westminster Bank mortgage. I have asked National Westminster Bank for the transfer of equity application. What happens next?

Sample of questions in a conveyancer questionnaire concerning a National Westminster Bank Transfer of Equity

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

Please give the name(s) and addresse(s) of anyone who jointly owns the premises with you?

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been completed?

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

Please clarify where you are providing any payment for the Transfer of Equity and to whom and disclose any such sums?

If are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Information to consider in in addition to the above National Westminster Bank transfer of equity Questions and Answers :

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 Westminster Bank conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

If your property is leasehold, provisions in the lease may require that you obtain the consent of the landlord. If such terms are not adhered to you may be in breach 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 conveyancing solicitor 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 varies based on the market value of the property at the conclusion of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with National Westminster Bank your property may be repossessed.

Preparing the Transfer of Equity with a National Westminster Bank 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 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.

Information contained within this webpage is for general information and only applies to England and Wales. It does not constitute 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