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Are you in need of a Transfer of Equity with a Nationwide Building Society mortgage? Failing to check that a lawyer is on the Nationwide Building Society 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.

Common questions relating to Nationwide Building Society transfer of equity

  • I bought a property with my cousin five.seven years ago Since then, we have both got married. We are now intending to do a transfer of equity so my name comes off the Nationwide Building Society mortgage. There is a 40k difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
  • My divorce has gone through as is the consent order. Now I have to sort out the transfer of equity at the land registry and the Nationwide Building Society mortgage. I have called Nationwide Building Society for the transfer of equity forms. What happens next?
  • Will I have to pay any charges for a Transfer of Equity where the current mortgage is with Nationwide Building Society?
  • Having been 4 years separated I have decided to relinquish up my share of our apartment to my husband who is re-mortgaging with Nationwide Building Society. Can a transfer of equity be completed inside one month?
  • Can you tell me how to have someone removed from the title documents to a property if the mortgage is with Nationwide Building Society
  • I already have a home loan with Nationwide Building Society and am keeping my current mortgaging but wish to have have the equity transferred to my name alone so my former wife will be removed from the deeds. How long do Nationwide Building Society take to process the application?
  • I am under the impression we would need at least AP1 and Transfer Deed. Is this true?

Questions that your lawyer may ask in relation to your Nationwide Building Society Transfer of Equity

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been formalised?

Please give the name(s) and addresse(s) of anyone to be added to the title deeds?

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

Please let us know of you wish us to draft you Declaration of Trust. If so are you happy to incur the additional fee (beyond the Transfer of Equity fee)?

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

Have you approached Nationwide Building Society to seek consent to the Transfer of Equity

General Advice to read in further to the above Nationwide Building Society transfer of equity Questions and Answers :

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

Should the tenure of your property be leasehold, the lease may require that you obtain the consent of the freeholder. If such conditions are not strictly observed 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 pursuant to 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 conveyancing solicitor 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 varies based on the market value of the property at the conclusion 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 lawyer 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.

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 Nationwide Building Society transfer of equity