Questions and answers: National Westminster Bank transfer of equity
- Am I best advised cancel the direct debit for my mortgage with National Westminster Bank once a date for my remortgage and transfer of equity has been set?
- After 2 a couple of years separated I have opted to transfer my share of our former home to my husband who is re-mortgaging with National Westminster Bank. Could this transfer of equity be completed inside 28 days?
- The mortgage broker has recommended their conveyancing solicitor for our Transfer of Equity plus remortgage with National Westminster Bank - Is it not simpler advisable to just use them?
- I got my Decree Absolute in 2010. For some reason I never dealt with the transfer ownership from both our names to my name alone. I now plan to deal with it and there are no objections. Transfer-of-equity is presumably the way forward. National Westminster Bank is happy to transfer the full equity in my name (affordability checks done). Does she need a conveyancer?
- Online research suggests that solicitors are more expensive than licensed conveyancers when it comes to 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
- Me and my partner co-own a flat in Blaenavon
. 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 simple?
- I am completing a National Westminster Bank transfer of equity request and have arrived at the questions that asks about debts etc. I do some debts that I have been discharging over a long period, in fact they no longer remain my credit score. Must I declare these?
Questions that your conveyancing solicitor is likely to ask regarding your National Westminster Bank Transfer of Equity
Is the transfer of equity subject to a court order? If yes please supply a copy
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 give the name(s) and addresse(s) of anyone to be extracted from the title deeds?
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?
Please provide the name(s) and addresse(s) of anyone who jointly owns the premises with you?
Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been completed?
Information to consider in in addition to the above National Westminster Bank transfer of equity Questions and Answers :
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 obtain the consent of the freeholder. 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.
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 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 the time of completion 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.
Content on 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.