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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.

Common questions relating to Nedbank transfer of equity

  • Is there such a thing a transfer of equity stamp duty calculator?
  • My decree absolute has gone through as is the consent order. Now I need to deal with the transfer of equity at the land registry and the Nedbank mortgage. I have asked Nedbank for the transfer of equity forms. What happens next?
  • What if my application doesn't meet Nedbank lending criteria for a transfer of equity?
  • Can I apply to borrow more money from Nedbank as part of a Transfer of Equity?
  • I am completing a Nedbank transfer of equity request and have come to the section that asks about debts etc. I do some debts that I have been reducing since 2007, I understand that they have long since disappeared from my credit score. Do I need to reveal these?
  • What do I need to do when it comes adding or removing names (transfer of equity) to or from my Nedbank mortgage account?
  • My partner and myself equally own a investment property. I am a top rate tax payer. Ideally I wish to do a transfer of equity into her name in order reduce our tax on the letting income. If Nedbank are fine with this the legal fees are not high. What are the implications when we sell? Would my GGT relief be lost.

Sample of questions in a conveyancer questionnaire relating to Nedbank Transfer of Equity

Please provide a copy of your National Insurance Number?

Has one of the registered owners passed away? If so please supply us with a copy of all the relevant documents e.g. the will, death certificate etc..

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

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

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

Where 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” Form.

Information to consider 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 premises

If your property is leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such restrictions are not strictly observed 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 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 is dependent on the valuation 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 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