Recently asked questions relating to Nationwide Building Society transfer of equity
- My ex are looking to get a conveyancer in place for a remortgage with Nationwide Building Society. Transfer of Equity conveyancing is also neededI have used the different comparison based websites and the results are from all over England and Wales. Do we need to appoint a conveyancing solicitor local to us?
- Can I transfer the equity held in my property with my Nationwide Building Society home loan?
- I got my Decree Absolute in 2012. Foolishly I never dealt with the change the ownership from the current 'joint' status to just in my name. I now plan to deal with it and there are no objections. Transfer-of-equity is needed. Nationwide Building Society is happy to transfer the full equity in my name (financial checks done). Does my ex need a lawyer?
- I plan to remortgage my apartment in Romsey
moving from HSBC to Nationwide Building Society. The home is jointly owned but propose for it to be in my name only as and when I switch. My wife has agreed to this and is willing to sign a form but neither of us want to get a second conveyancing solicitor involved.
- Can you tell me how to have someone removed from the title documents to a house where the home loan is with Nationwide Building Society
- Is it possible to apply to borrow more money from Nationwide Building Society as part of a Transfer of Equity?
- Have recently separated from my wife of twenty years. I'm now back with my parents again and she wants to remain in the flat and buy me out. What portion am I entitled to. Is it half of the equity after discharging the mortgage with Nationwide Building Society? I assume proper valuations are necessary but I would like to be sure that I'm getting the best deal
Examples of questions in a conveyancing solicitor questionnaire relating to Nationwide Building Society Transfer of Equity
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide 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?
Can you give the details of those who jointly own the property with you?
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 amounts
Who will be responsible for the costs of the Transfer of Equity?
Please give the name(s) and addresse(s) of anyone to be removed from the title deeds?
Information to consider in supporting the above Nationwide Building Society transfer of equity Questions and Answers :
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 properties
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 freeholder. If such conditions are not strictly observed you may be in violation of the lease. This could potentially result in 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 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 is dependent on the market value of the property at the conclusion of the transfer of equity transaction.
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 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 conveyancing solicitor 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.