Recently asked questions relating to National Westminster Bank transfer of equity

• What is the process for having someone removed from the deeds to a property where the mortgage is with National Westminster Bank
• When it comes to transfer of equity conveyancing involving a remortgage with National Westminster Bank should I be invoiced value added tax on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
• Our financial adviser has recommended their conveyancer for my Transfer of Equity plus remortgage with National Westminster Bank - Is it not simpler better to just use them?
• I own a house in Friern Barnet , with a National Westminster Bank loan with my former partner. Him and his new partner are going to buy me out. We had the go ahead from National Westminster Bank to replace my name with hers. The transfer of equity needs to be done by a conveyancer for National Westminster Bank (apparently). In order to save fees can I do the Land Registry formalities?
• I am completing a National Westminster Bank transfer of equity request and have come to the section concerning debts etc. There are some debts that I have been discharging since 2009, I understand that they no longer remain my credit rating. Must I disclose these?
• Am I best advised stop my mortgage payments with National Westminster Bank as soon as a date for my remortgage and transfer of equity has been set?
• My mother passed away early last year leaving a loan-free house to me and my brother equally. Having continues to reside at the premises, there was a provision in her will saying the housecould not be sold for 24 months following her death so he could remain there for a specified time frame. He now says he would like to remain in the house beyond the specified period. We have discussed a transfer of equity. Am I right in saying we should get a valuation then he'd get a mortgage in the traditional way to acquire my equity?

Examples of questions in a conveyancer form concerning a National Westminster Bank Transfer of Equity

General Advice to read in conjunction with the above National Westminster Bank 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 National Westminster Bank conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

Should the tenure of your property be leasehold, the lease may require that you have a license to do so from the freeholder. 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 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 National Westminster Bank 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 National Westminster Bank 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 conclusion of the transfer of equity conveyancing.

Preparing the Transfer of Equity with a National Westminster Bank 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 National Westminster Bank 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 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.