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Are you in need of a Transfer of Equity with a Nationwide Building Society mortgage? Failing to check that a lawyer is on the Nationwide Building Society list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Nationwide Building Society transfer of equity example support desk enquires

  • I jointly own a apartment in Winchelsea , with a Nationwide Building Society loan with my former partner. Him and his fiance are going to acquire my share. We had consent from Nationwide Building Society to remove my name with hers. The transfer of equity needs to be done by a conveyancer for Nationwide Building Society (supposedly). Is it possible for us to deal with the Land Registry change?
  • Nationwide Building Society yesterday agreed I can take over the mortgage on my home. I had applied for a transfer of equity but presumably there is a transfer of ownership of the title deeds on top?
  • Is it possible to apply to request a further advance from Nationwide Building Society as part of a Transfer of Equity?
  • What should I be budgeting for when it comes to what legal charges are for a transfer of equity? I need to transfer equity and remortgage - new loan with Nationwide Building Society - and have been quoted £350 plus VAT by Nationwide Building Society's approved conveyancer, Have I been over quoted?
  • What do I do if I am unhappy with the conveyancer who handled our transfer of equity transaction?
  • What legal advice do I need when doing a transfer of equity where the home loan is to remain with Nationwide Building Society?
  • When it comes to transfer of equity conveyancing involving refinance with Nationwide Building Society should I be invoiced value added tax on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee

Information that may be required from your conveyancer could ask regarding your Nationwide Building Society Transfer of Equity

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

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

Where you are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

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

Will there be any consideration monies passing between the parties for the Transfer of Equity? If so, please state the amount and who is to receive what sums

Please give the details of anyone to be extracted from the property title?

Important warnings to consider in in addition to the above Nationwide Building Society transfer of equity information :

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 titles

Should the tenure of your property be leasehold, provisions in the lease may require that you obtain the consent of the freeholder. If such restrictions are not strictly observed 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 situations, 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 market value 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 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.

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 Building Society transfer of equity