Top seven questions relating to Nedbank transfer of equity

• I own a house in Rye , with a Nedbank loan with my former husband. Him and his new partner are going to buy me out. We had the go ahead from Nedbank to replace my name with hers. The transfer of equity has to be done by a lawyer for Nedbank (apparently). Is it possible for us to deal with the Land Registry change?
• I am completing a Nedbank transfer of equity application and have come to the part concerning defaults etc. There are some debts that I have been discharging over a long period, I understand that they no longer remain my credit score. Do I need to set these out?
• I am planning on removing a name from a joint mortgage and the Nedbank need me to use a conveyancing solicitor to carry out the conveyancing. Can you recommend a reasonably priced Ampthill lawyer to deal with the transfer of equity? They need to be on the Nedbank conveyancing panel.
• Nedbank have today agreed I can take over the mortgage on my home. I previously applied for a transfer of equity but is this a transfer of ownership of the title deeds in addition?
• What if my application doesn't meet Nedbank lending criteria for a transfer of equity?
• What can I do where I am unhappy with the lawyer who conducted my transfer of equity conveyancing?
• Can you tell me how to have someone removed off the deeds to a property where the home loan is with Nedbank

Sample of questions in a conveyancing solicitor questionnaire relating to Nedbank Transfer of Equity

General Advice to read in in addition to the above Nedbank transfer of equity Info :

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, the lease may require that you obtain the consent of the landlord. If such conditions are not complied with 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 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 is dependent on the market value of the property at the time of completion 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 lawyer 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 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.