Sample questions relating to Nedbank transfer of equity

• What should I be budgeting for when it comes to what legal costs are for a transfer of equity? I need to transfer equity and remortgage - new loan with Nedbank - and have been quoted Four Hundred pounds excluding VAT by Nedbank's approved conveyancer, Have I been over quoted?
• Is it sensible to cancel my mortgage payments with Nedbank as soon as a date for my remortgage and transfer of equity has been agreed?
• I am in the process of removing a name from a joint mortgage and the Nedbank require me to use a conveyancing solicitor to carry out the paperwork. Can you recommend a reasonably priced Heathfield lawyer to deal with the transfer of equity? They need to be on the Nedbank conveyancing panel.
• What can I do where I am unhappy with the conveyancer who carried out our transfer of equity conveyancing?
• My financial adviser has suggested using their conveyancer for the Transfer of Equity plus remortgage with Nedbank - won’t it be better to just use them?
• Law week I split up with my ex of thirty years. I'm now back with my mum and dad and she wishes to remain in the apartment and buy me out. What portion am I entitled to. Is it 50% of the equity after discharging the mortgage with Nedbank? I assume proper valuations are necessary but I really need ensure that I'm getting I am not being walked over
• My current mortgage is with Nedbank. Can I transfer equity to someone less than eighteen years old?

Questions that your lawyer is likely to ask regarding your Nedbank Transfer of Equity

General Advice to read in in addition 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 titles

If your property is leasehold, the lease may require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in breach 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 conveyancer 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 varies based on the valuation of the property at finalisation of the transfer of equity transaction.

Preparing the Transfer of Equity with a Nedbank Mortgage

When it comes to preparing the the Land Registry documents your conveyancer 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 lawyer 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.