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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.

Nedbank transfer of equity example support desk enquires

  • Is there such a thing a transfer of equity stamp duty calculator?
  • Do I need legal representation when doing a transfer of equity where the home loan is to remain with Nedbank?
  • Can I transfer the equity held in my property with my Nedbank mortgage?
  • What do I do if I am unhappy with the conveyancing solicitor who conducted our transfer of equity conveyancing?
  • I already have a mortgage with Nedbank and am retaining my current mortgaging but wish to have have the equity transferred to my sole name so my former wife will be removed from the mortgage. How long does the whole transfer of equity process take?
  • What is the process for adding or removing names (transfer of equity) to or from my Nedbank mortgage account?
  • I am looking for a conveyancing solicitor to deal with my transfer of equity. Nedbank have been approached for a remortgage. I considered asking my mortgage broker. I am lead to believe he will likely get a referral fee for recommending a firm, but also of benefit will be that he knows the lawyer, has a working relationship with them. Is my logic correct?

Questions that your lawyer may ask regarding your Nedbank Transfer of Equity

If you are adding someone 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.

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

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

Please give the details of anyone to be removed from the title deeds?

Is there to be any consideration monies passing between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive the same

Has one of the registered proprietors passed away? If so please provide us with a copy of the Death Certificate, Probate and a copy of the Will.

Caveats to be read in further to the above Nedbank transfer of equity Advice :

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 Nedbank conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

If your property is leasehold, provisions in the lease may require that you have a license to do so from the landlord. If such terms are not adhered to 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 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 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 finalisation of the transfer of equity transaction.
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 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 conveyancing solicitor 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 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