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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.

Frequently asked questions relating to Nationwide Building Society transfer of equity

  • I intend to remortgage my maisonette in Littleborough moving from Leeds Building Society to Nationwide Building Society. The maisonette is currently in joint names but propose for it to be in my name only once I remortgage. My wife has verbally consented to this and is happy to transfer equity but neither of us want to incur lawyer charges.
  • Nationwide Building Society have just agreed I can take over the mortgage on my home. I had applied for a transfer of equity but presumably there is a transfer of ownership at the Land Registry on top?
  • I am transferring my equity in house in Hendon to my co-owners husband, they are sticking with Nationwide Building Society as the the existing mortgage company. We are debating as to who must pay the fees for the transfer of equity. Should this be split or is one of us obliged to cover the fees for?
  • I am under the impression we would need at least AP1 and Transfer Deed. Is this true?
  • Will I have to pay any charges for a Transfer of Equity where the existing mortgage is with Nationwide Building Society?
  • Having been 4 years separated I have opted to relinquish up my share of the house to my husband who is refinancing with Nationwide Building Society. Could this transfer of equity be completed in less than 28 days?
  • My wife and I have equal shares in a investment property. I am a higher rate tax payer. Ideally I would like to complete a transfer of equity into her name with a view to mitigate tax on the letting income. If Nationwide Building Society are happy with this the legal fees are not high. However what happens when we sell? As I would no longer be on the deeds am I giving up my CGT relief.

Information that may be required from your conveyancer may ask in relation to your Nationwide Building Society Transfer of Equity

Where you are adding someone on to the title deeds how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

Please give the details of anyone to be extracted from the title deeds?

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 let us know of you wish us to prepare Declaration of Trust. If so are you happy to pay for the further fee (beyond the Transfer of Equity fee)?

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 are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Caveats to be read in conjunction with 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 have a requirement for notices to be served and that you have a license to do so from the landlord. If such terms are not adhered to you may be in breach of your covenants under 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 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 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 conveyancer 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 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 Nationwide Building Society transfer of equity