Examples of recent questions relating to Nationwide Building Society transfer of equity
- My Nationwide Building Society home loan is in joint names with ex, who has agreed to be removed and let me have the property. Nationwide Building Society have consented to the transfer of equity to me solely. Will Nationwide Building Society call my boss to check my salary?
- I own a apartment in Ampthill , with a Nationwide Building Society loan with my ex partner. He and his new partner are going to buy me out. We had consent from Nationwide Building Society to replace my name with hers. The transfer of equity needs to be completed by a conveyancing solicitor for Nationwide Building Society (supposedly). Can we do the Land Registry formalities?
- I am transferring my equity in apartment in Woodside to my co-owners fiance, they are sticking with Nationwide Building Society as the the existing mortgage company. We are in heated discussion as to who must cover the charges for the transfer of equity. Is this usually shared or is one party liable for the legal bill?
- What is the process for having a person removed from the title documents to a house where the home loan is with Nationwide Building Society
- Have recently split up with my ex of twenty years. I'm now back with my mum and dad and she wants to remain in the apartment and pay me off. What portion do I get. Is it half of the equity after redeeming the Nationwide Building Society home loan? I assume proper valuations are required but I would like ensure that I'm getting the best deal
- My father passed away early last year leaving a unencumbered bungalow to me and my brother in equal shared. He has always lived in the property, there was a clause in the will specifying that the premisescould not be sold for 24 months following her passing so he could reside there for a specified time frame. He now wishes to remain in the house beyond the specified period. We have considered a transfer of equity. Am I right in saying we should get a valuation then he'd get a home loan in the traditional way to buy my equity?
- My mortgage broker has suggested using their conveyancing solicitor for the Transfer of Equity plus remortgage with Nationwide Building Society - Surely it’s advisable to just instruct them?
Questions that your conveyancer could ask regarding your Nationwide Building Society Transfer of Equity
Please give the details of anyone to be removed from the property title?
Is it the case that one of the registered owners passed away? If so please forward us with a copy of the Death Certificate, Probate and a copy of the Will.
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 confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been formalised?
Will there be any payment between the parties for the Transfer of Equity? If so, please state the amount and who is to receive what figure
Has consent been obtained from Nationwide Building Society to the proposed transfer of equity?
Information to consider in in addition 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 premises
Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such conditions are not strictly observed you may be in violation of your covenants under 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 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 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 valuation 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 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 lawyer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.
Information provided 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.