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Nedbank transfer of equity: q and a’s

  • What do I need to do when it comes adding or subtracting names (transfer of equity) to or from my Nedbank mortgage account?
  • My Nedbank home loan is in joint names with ex, who is agreeable to be removed and put the house in my name alone. Nedbank will permit the transfer of equity to me solely. Do Nedbank contact my boss to verify my salary?
  • What should I be budgeting for when it comes to what solicitors fees are for a transfer of equity? I need to transfer equity and remortgage - moving over to Nedbank - and have been quoted £250 including VAT by Nedbank's approved conveyancer, Have I been over quoted?
  • I am led to believe we would need at least AP1 and Transfer Deed. Is this true?
  • I plan to refinance my maisonette in Blaenavon switching from Godiva Mortgages to Nedbank. The apartment is jointly owned but I would like it to be in my sole name as and when I remortgage. My former partner is OK with this and is willing to sign a form but neither of us want to incur conveyancer fees.
  • My brother and I got a joint mortgage with Nedbank on a flat about a year ago. I am now thinking of purchasing a flat on my own and my friend would like to buy me out. On the basis that we can settle on a figure what are the next steps? Is there likely to be any issue with Nedbank with him being responsible for the total mortgage rather than only half of it?
  • My existing home loan is with Nedbank. Can I transfer equity to someone who is not yet 18 years old?

Examples of questions in a conveyancing solicitor questionnaire concerning a Nedbank Transfer of Equity

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

Please provide a copy of your National Insurance Number?

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

Please list all persons who occupy the property, their respective ages and relationships to you.

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

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?

Important warnings to consider in supplemental 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 premises

Should the tenure of your property be leasehold, provisions in 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 conditions are not strictly observed you may be in breach 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 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 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 conclusion of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Nedbank.

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 conveyancing solicitor 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 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 Nedbank transfer of equity