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Recently asked questions relating to Nationwide Building Society transfer of equity

  • What is the process for having a person removed off the title documents to a house if the home loan is with Nationwide Building Society
  • Is it possible to transfer the equity held in my property with my Nationwide Building Society mortgage?
  • What do I need to do when it comes adding or subtracting names (transfer of equity) to or from my Nationwide Building Society mortgage account?
  • My father died half a year ago leaving a unencumbered bungalow to me and my brother 50:50. He has always lived in the premises, there was a provision in her will specifying that the premisescould not be sold for 24 months after her passing so he could continue to live there for a while. He now says he would like to remain in the premises beyond the specified period. We have considered a transfer of equity. Am I right in saying we'd get a valuation then he'd get a mortgage in the traditional way to buy my half from me?
  • What are the average solicitors fees are for a transfer of equity? I need to transfer equity and remortgage - moving over to Nationwide Building Society - and have been quoted Three Hundred pounds plus VAT by Nationwide Building Society's appointed lawyer, Have I been over quoted?
  • After a number of years estranged I have opted to relinquish up my interest in the property to my husband who is re-mortgaging with Nationwide Building Society. Could this transfer of equity be completed in 28 days?
  • Online reading suggests that solicitors are more expensive than conveyancers for transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor where I need to be transferring equity and at the same time switching mortgage with Nationwide Building Society

Questions that your conveyancer is likely to ask regarding your Nationwide Building Society Transfer of Equity

Will there be any payment between the parties for the Transfer of Equity? If so, please state the amount and who is to receive the same

Is it the case that one of the registered owners passed away? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..

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

If you are adding someone on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

Please list all persons who occupy the property, their respective ages and relationships to you.

We need you to supply the National Insurance Number(s) of all the new owners (required for submission of the Stamp Duty Land Tax Form)

Important warnings to consider in further to the above Nationwide Building Society transfer of equity Info :

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 Nationwide Building Society 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 require that you have a license to do so from the landlord. If such conditions are not complied with you may be in breach of the lease. This could potentially result in 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 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 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 finalisation of the transfer of equity transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with Nationwide Building Society.

Preparing the Transfer of Equity with a Nationwide Building Society 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 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 lawyer 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.


Frequently asked questions relating to Nationwide BS transfer of equity