LenderPanel.com

Find a Law Firm for your Transfer of Equity approved by
Nationwide BS

Top seven questions relating to Nationwide Building Society transfer of equity

  • Me and my partner co-own a flat in Littleborough . Mortgage is with Nationwide Building Society. I wish to transfer full ownership to him with no payment of money but without using a lawyer. Is this likely to be straightforward?
  • I recently purchased a house without my partner's name on the title documents. My conveyancer advised it is due to the fact that she was not in the mortgage with Nationwide Building Society. Is it possible for me to put her name on the documents at HMLR?
  • Can I apply to request more money from Nationwide Building Society as part of a Transfer of Equity?
  • Having been 4 years apart I have opted to give up my share of the apartment to my husband who is refinancing with Nationwide Building Society. Can a transfer of equity be completed in 28 days?
  • My fiance and I jointly own a BTL. I am a higher rate tax payer. Preferably I wish to complete a transfer of equity to her sole name in order mitigate tax on the letting income. If Nationwide Building Society are happy with this the legal fees are not high. What are the implications when we sell? As I would no longer be on the deeds am I giving up my CGT relief.
  • I got my Decree Absolute four years ago. For some reason I never got around to change the ownership from the current 'joint' status to my sole name. I now plan to deal with it and there are no objections. Transfer-of-equity is presumably the way forward. Nationwide Building Society is willing to transfer the property and loan in my name (affordability checks done). Does she need any legal representation?
  • Am I best advised cancel the direct debit for my mortgage with Nationwide Building Society once a date for my remortgage and transfer of equity has been agreed?

Examples of questions in a lawyer form relating to Nationwide Building Society Transfer of Equity

Please provide the name(s) and addresse(s) of anyone to be extracted from the title deeds?

Who will be responsible for the costs of the 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?

Would you like us to draw up a Declaration of Trust. If so are you willing to pay for the additional fee (beyond the Transfer of Equity fee)?

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.

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

General Advice to read in in addition to the above Nationwide Building Society transfer of equity Advice :

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 have a license to do so from the freeholder. If such terms are not adhered to you may be in breach 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 is dependent on the valuation of the property at finalisation 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.

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