Common questions relating to Nationwide Building Society transfer of equity
- When it comes to transfer of equity conveyancing involving a remortgage with Nationwide Building Society should I be paying VAT on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
- I am under the impression we would need at least AP1 and TR1. Is this true?
- My ex-wife and I are in the market for a trustworthy conveyancing solicitor to assist in a transfer of equity and refinance with Nationwide Building Society. I want to avoid being ripped off but with so many conveyancing practices who do transfer of equity conveyancing to choose from...who's the best?
- Me and my partner jointly own a house in Littleborough
. Mortgage is with Nationwide Building Society. I would like to transfer full ownership to him with no payment of money but without using a lawyer. Do you think this should be simple?
- I am in the process of removing a name from a joint mortgage and the Nationwide Building Society require me to use a conveyancer to carry out the paperwork. Can you recommend a reasonably priced Blaenavon
conveyancing solicitor to deal with the transfer of equity? They need to be on the Nationwide Building Society conveyancing panel.
- What is the process for adding or subtracting names (transfer of equity) to or from my Nationwide Building Society mortgage account?
- I am hoping to remortgage my home in Romsey
changing from Nationwide to Nationwide Building Society. The maisonette is jointly owned but propose for it to be in my name only once I transfer. My husband has agreed to this and is willing to transfer equity but neither of us want to incur conveyancing solicitor fees.
Sample of information requested in a lawyer questionnaire concerning a Nationwide Building Society Transfer of Equity
Has one of the registered proprietors passed away? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..
Please list all persons who occupy the property, their respective ages and relationships to you.
Will there be any consideration monies passing between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive what amounts
Who will be responsible for the costs of the 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?
Is the transfer of equity subject to a court order? If yes please supply a copy
Important warnings to consider in supporting the above Nationwide Building Society 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 Nationwide Building Society conveyancing panel and accountant before transferring equity.
Transfer of Equity Conveyancing for Leasehold premises
If your property is leasehold, provisions in the lease may require that you obtain the consent of the landlord. If such conditions are not complied with you may be in breach 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 lawyer will check with Nationwide Building Society 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 Nationwide Building Society 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 conveyancing.
If you do not keep up the payments on your mortgage with Nationwide Building Society your property may be repossessed.
Preparing the Transfer of Equity with a Nationwide Building Society 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 Nationwide Building Society 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.
