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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.

Examples of recent questions relating to National Westminster Bank transfer of equity

  • Do I need legal representation when doing a transfer of equity where the mortgage is to remain with National Westminster Bank?
  • Me and my partner jointly own a flat in Romsey . Mortgage is with National Westminster Bank. I would like to transfer full ownership to him with no payment of money but without using a conveyancer. Is this likely to be easy to so?
  • I am am in need of a conveyancing solicitor to deal with my transfer of equity. National Westminster Bank are dealing with the refinancing. I thought of asking my financial adviser. I understand he will likely get a kickback for recommending someone, but also of benefit will be that he knows the conveyancer, has dealt with them before. Any flaws you see in this way of thinking?
  • At what stage do I pay the Stamp Duty Land Tax payable for the transfer of equity in my property in my name alone which is happening simultaneously with a switching mortgage via National Westminster Bank?
  • Is it sensible to stop my mortgage payments with National Westminster Bank as soon as a date for my remortgage and transfer of equity has been agreed?
  • I am selling my share of a apartment in Warwick to my co-owners husband, they are reapplying to National Westminster Bank. We are haggling as to who must pay the legal bill for the transfer of equity. Is this usually split or is one party liable for the fees for?
  • I am planning on removing a name from a joint mortgage and the National Westminster Bank require me to use a conveyancer to carry out the legalities. Can you recommend a reasonably priced Wakefield conveyancing solicitor to deal with the transfer of equity? They need to be on the National Westminster Bank conveyancing panel.

Questions that your lawyer is likely to ask regarding your National Westminster Bank Transfer of Equity

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

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

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

Please give the details of anyone to be extracted from the property title?

Would you like us to draft you Declaration of Trust. If so are you happy to pay for the additional fee (beyond the Transfer of Equity fee)?

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

Caveats to be read in further to 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

If your property is leasehold, 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 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 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 time of completion 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 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 conveyancer 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 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