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Sample questions relating to Nationwide Building Society transfer of equity

  • I am trying to find a lawyer to handle my transfer of equity. Nationwide Building Society have been approached for a remortgage. I thought of asking my mortgage broker. I am lead to believe he may get a referral fee for suggesting someone, but also of benefit will be that he knows the conveyancer, has a working relationship with them. Is my logic misguided?
  • Is there such a thing a transfer of equity stamp duty calculator?
  • I am planning on removing a name from a joint mortgage and the Nationwide Building Society require me to use a conveyancer to carry out the conveyancing. Can you recommend a reasonably priced Friern Barnet lawyer to deal with the transfer of equity? They need to be on the Nationwide Building Society conveyancing panel.
  • I got my Decree Absolute four years ago. Foolishly I never got around to change the ownership from both our names to my sole name. I am ready to do that and so is she. Transfer-of-equity is needed. Nationwide Building Society is willing to transfer the property and loan in my name (affordability checks done). Does she need a solicitor?
  • What legal advice do I need when doing a transfer of equity where the home loan is to remain with Nationwide Building Society?
  • Will I have to pay any fees for a Transfer of Equity where the existing mortgage is with Nationwide Building Society?
  • Me and a friend got a joint mortgage with Nationwide Building Society on a apartment about a year ago. I am now thinking of buying a apartment on my own and my friend would like to buy me out. Assuming we can agree a price what happens next? Is there likely to be any problem with Nationwide Building Society with him being on the hook for the total loan rather than only half of it?

Sample of questions in a conveyancing solicitor questionnaire relating to Nationwide Building Society Transfer of Equity

Please provide the name(s) and addresse(s) of anyone to be added to the property title?

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 state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

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?

Can you provide the details of anyone who jointly owns the premises with you?

Has consent been obtained from Nationwide Building Society to the proposed transfer of equity?

Caveats to be read in supplemental 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 properties

Should the tenure of your property be leasehold, the lease may require 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.

Indemnity Insurance

If the transfer of equity is made pursuant to 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 market value of the property at the conclusion 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 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 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