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National Westminster Bank

National Westminster Bank transfer of equity example support desk enquires

  • My National Westminster Bank home loan we jointly entered into with ex, who has agreed to come off the deeds and put the house in my name alone. National Westminster Bank have consented to the transfer of equity to me solely. Will National Westminster Bank contact my employer to confirm my salary?
  • I jointly own a apartment in Romsey , with a National Westminster Bank loan with my ex husband. He and his fiance are going to buy me out. We had approval from National Westminster Bank to replace my name with hers. The transfer of equity has to be completed by a conveyancing solicitor for National Westminster Bank (apparently). In order to save fees can I do the Land Registry change?
  • At what stage do I pay stamp duty due for the transfer of equity in my house in my name alone which is taking place at the same time as a remortgage via National Westminster Bank?
  • I am remortgaging my house in Ampthill does my lawyer need to be on the National Westminster Bank Conveyancing panel. The conveyancing also involves a transfer of equity.
  • My current mortgage is with National Westminster Bank. Can I transfer equity to someone under 18 years old?
  • How do I go about adding or removing names (transfer of equity) to or from my National Westminster Bank mortgage account?
  • Is it possible to transfer the equity held in my property with my National Westminster Bank home loan?

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

Has one of the registered proprietors died? If so please provide us with a copy of the Death Certificate, Probate and a copy of the Will.

Please give the name(s) and addresse(s) of anyone to be extracted from the title deeds?

Please let us know of you wish us to draft you Declaration of Trust. If so are you happy to incur the further fee (beyond the Transfer of Equity fee)?

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

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?

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

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

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 titles

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 restrictions are not strictly observed you may be in violation of the lease. This could trigger 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 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 valuation of the property at finalisation of the transfer of equity transaction.
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 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 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