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Recently asked questions relating to Nationwide Building Society transfer of equity

  • I am planning on removing a name from a joint mortgage and the Nationwide Building Society require me to use a lawyer to carry out the legalities. Can you recommend a reasonably priced Winchelsea conveyancer to deal with the transfer of equity? They need to be on the Nationwide Building Society conveyancing panel.
  • Online research suggests that solicitors are more expensive than licensed conveyancers for transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor if I need to be transferring equity and at the same time refinancing with Nationwide Building Society
  • Have recently split up with my partner of twenty years. I'm now living with my mum and dad and she wants to remain in the property and buy me out. What portion do I get. Is it half of the equity after paying off the mortgage with Nationwide Building Society? I assume proper valuations are necessary but I would like ensure that I'm getting I am not being taken advantage of
  • After four years apart I have made the decision to transfer my interest in our property to my husband who is refinancing with Nationwide Building Society. Can a transfer of equity be completed inside one month?
  • I co-own a property in Crabtree , with a Nationwide Building Society mortgage with my ex husband. He and his fiance are going to acquire my share. We had the go ahead from Nationwide Building Society to substitute my name with hers. The transfer of equity has to be done by a lawyer for Nationwide Building Society (apparently). Is it possible for us to do the Land Registry change?
  • My fiance and myself have equal shares in a buy to let. I am a top rate tax payer. Ideally I would like to complete a transfer of equity to her sole name to reduce our tax on the letting income. If Nationwide Building Society are fine with this the legal fees are not prohibitive. What are the implications when we dispose of the property? Would my GGT relief be lost.
  • I am disposing of my equity in flat in Birmingham to the other co-owners fiance, they are reapplying to Nationwide Building Society. We are haggling as to who must cover the legal bill for the transfer of equity. Is this normally split or is one of us obliged to cover the legal bill?

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

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

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

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 give the name(s) and addresse(s) of those who jointly own the premises with you?

Please give the details of anyone to be added to the property title?

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

Caveats to be read in conjunction with the above Nationwide Building Society transfer of equity Advice :

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, provisions in 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 conditions are not strictly observed you may be in violation of your covenants under 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 varies based on the valuation of the property at the time of completion of the transfer of equity conveyancing.
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 provided 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