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Common questions relating to National Westminster Bank transfer of equity

  • In 2012 I bought a flat without my fiance’s name on the title documents. My conveyancing solicitor advised it is because she is not in the loan offer with National Westminster Bank. I'm wondering is there any way that I can put her name on the documents at HMLR?
  • I am looking for a lawyer to deal with my transfer of equity. National Westminster Bank have been approached for a refinancing. I considered asking my mortgage broker. I am lead to believe he may receive a referral fee for suggesting 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?
  • I currently have a joint National Westminster Bank mortgage with my step-brother and am looking into the feasibility of him taking on the whole mortgage and subtracting myself from it, so as to enable me to purchase a property with my partner. The outstanding mortgage is about 250k, and the property value is about 500k. Is this a transfer of equity? Is stamp duty payable?
  • I purchased a property with my brother in 2009 Since then, we have both got married. We are now looking to do a transfer of equity so my name is removed the National Westminster Bank mortgage. There is a significant difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
  • My current home loan is with National Westminster Bank. Can I transfer equity to someone who is not yet 18 years old?
  • Will I incur any fees for a Transfer of Equity where the existing home loan is with National Westminster Bank?
  • I own a property in Blaenavon , with a National Westminster Bank mortgage with my former husband. He and his fiance are going to acquire my share. We had approval from National Westminster Bank to replace my name with hers. The transfer of equity needs to be completed by a conveyancer for National Westminster Bank (apparently). Is it possible for us to do the Land Registry formalities?

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

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

Would you like us to draw up a Declaration of Trust. If so are you happy to incur the additional fee (beyond the Transfer of Equity fee)?

Is it the case that 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.

We need you to provide the National Insurance Number(s) of all the new owners (required for completion of the SDLT Form)

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

Please confirm if you are making any payment for the Transfer of Equity and to whom and disclose the amount?

General Advice to read in supplemental the above National Westminster Bank transfer of equity Advice :

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 have a requirement for notices to be served and that you have a license to do so from the freeholder. If such conditions are not complied with 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 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 conveyancer 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 valuation 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 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 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