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Are you in need of a Transfer of Equity with a Nedbank Private Wealth Ltd mortgage? Failing to check that a lawyer is on the Nedbank Private Wealth Ltd 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.

Top seven questions relating to Nedbank transfer of equity

  • What if my application doesn't meet Nedbank lending criteria for a transfer of equity?
  • I recently bought a flat without my partner's name on the title documents. My lawyer advised it is because she is not in the loan offer with Nedbank. Is it possible for me to add her name on the documents at HM Land Registry?
  • What should I be budgeting for when it comes to what conveyancing costs are for a transfer of equity? I'm in the process of remortgaging - new loan with Nedbank - and have been quoted Four Hundred pounds plus VAT by Nedbank's approved lawyer, Have I been over quoted?
  • When it comes to transfer of equity conveyancing involving refinance with Nedbank should I be invoiced VAT on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • I got my Decree Absolute in 2010. Foolishly I never got around to change the ownership from both our names to my name alone. I am ready to do that and so is she. Transfer-of-equity is presumably the way forward. Nedbank is willing to transfer the property and loan in my name (affordability checks done). Does she need a conveyancer?
  • Am I best advised cancel my mortgage payments with Nedbank as soon as a date for my remortgage and transfer of equity has been agreed?
  • What legal advice do I need when doing a transfer of equity where the mortgage is to remain with Nedbank?

Questions that your conveyancer may ask in relation to your Nedbank Transfer of Equity

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

We need you to supply the National Insurance Number(s) of all the new owners (required for submission of the SDLT Form)

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?

Have you approached Nedbank to seek consent to the Transfer of Equity

If you are adding a person on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

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

General Advice to read in further to the above Nedbank transfer of equity information :

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 Nedbank conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such terms are not adhered to you may be in violation of your covenants under the lease. This could trigger 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 conveyancing solicitor will check with Nedbank 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 Nedbank 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 time of completion of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with Nedbank your property may be repossessed.

Preparing the Transfer of Equity with a Nedbank 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 Nedbank 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 contained within this webpage is for general information and only applies to England and Wales. It does not constitute 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 Nedbank transfer of equity