LenderPanel.com

Find a Law Firm approved by
National Westminster Bank

Are you in need of a Transfer of Equity with a National Westminster Bank plc mortgage? Failing to check that a lawyer is on the National Westminster Bank plc list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Questions and answers: National Westminster Bank transfer of equity

  • 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 for a number of years, in fact they have long since disappeared from my credit rating. Do I need to set these out?
  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with National Westminster Bank?
  • What is the process for adding or subtracting names (transfer of equity) to or from my National Westminster Bank mortgage account?
  • What can I do where I am not happy with the conveyancer who conducted our transfer of equity transaction?
  • Online research suggests that solicitors are more expensive than conveyancers for transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor where I am transferring equity and at the same time remortgaging with National Westminster Bank
  • Is it sensible to stop the direct debit for my mortgage with National Westminster Bank once a date for my remortgage and transfer of equity has been agreed?
  • I am considering mortgaging my flat in Witham does my lawyer have to be on the National Westminster Bank Solicitor panel. The conveyancing also involves a transfer of equity.

Examples of information requested in a conveyancing solicitor questionnaire relating to National Westminster Bank Transfer of Equity

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

Is the transfer of equity subject to a court order? If yes please supply a copy

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?

Where you are adding someone on to the title deeds how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

Is it the case that one of the registered owners died? If so please forward us with a copy of the Death Certificate, Probate and a copy of the Will.

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?

General Advice to read in conjunction with the above National Westminster Bank transfer of equity Info :

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

If your property is leasehold, provisions in the lease may require that you have a license to do so from the freeholder. If such conditions are not strictly observed 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 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 is dependent on the market value of the property at the conclusion of the transfer of equity transaction.
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 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 conveyancing solicitor 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