Examples of recent questions relating to National Westminster Bank transfer of equity
- The mortgage broker has suggested using their conveyancing solicitor for the Transfer of Equity plus remortgage with National Westminster Bank - Is it not simpler advisable to just instruct them?
- I am under the impression we would need at least AP1 and TR1. Is this true?
- My divorce is through as is the consent order. Now I must address the transfer of equity on title deeds and the National Westminster Bank mortgage. I have asked National Westminster Bank for the transfer of equity forms. What do I do now?
- My ex-fiance and I are are looking to find an affordable conveyancing solicitor to help me sell in a transfer of equity and refinance with National Westminster Bank. I am aware of the possibility of getting ripped off but with plenty conveyancing organisations who do transfer of equity conveyancing to choose from...who's the best?
- My former husband are planning to get a conveyancer lined up for a remortgage with National Westminster Bank. Transfer of Equity conveyancing is also requiredI have used the different rating based tools and the results are from all over the country. How necessary is it to have a conveyancer local to us?
- National Westminster Bank have just agreed I can take over the home loan on the flat. I had applied for a transfer of equity but is this a transfer of ownership of the title deeds on top?
- My mum passed away last January leaving a unencumbered semi to me and my step brother equally. He has always lived in the house, there was a clause in her will saying the propertycould not be sold for 24 months after her passing so he could remain there for a prescribed period. He now says he would like to remain in the premises beyond the prescribed period. We have considered a transfer of equity. Am I right in saying we should get a valuation then he'd get a mortgage in the usual way to buy my half from me?
Sample of questions in a conveyancing solicitor questionnaire concerning a National Westminster Bank Transfer of Equity
Please provide the details of anyone to be removed from the title deeds?
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?
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 confirm where you are providing any payment for the Transfer of Equity and to whom and disclose the amount?
Can you give the details of anyone who jointly owns the premises with you?
Have you approached National Westminster Bank to obtain consent to the Transfer of Equity
Important warnings to consider in in addition to the above National Westminster Bank transfer of equity Advice :
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 require that you have a license to do so from 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.
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 lawyer 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 finalisation 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 conveyancing solicitor 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 conveyancing solicitor should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.
Information provided on 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.