Recently asked questions relating to National Westminster Bank transfer of equity
- When it comes to transfer of equity conveyancing involving refinance with National Westminster Bank should I be paying VAT 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
- Me and my partner co-own a flat in Miles Platting
. Mortgage is with National Westminster Bank. I would like to transfer full ownership to him with no passing of money but without using a conveyancer. Do you think this should be simple?
- I purchased a flat with my cousin in 2010 Since then, we have both got married. We are now looking to do a transfer of equity so my name comes off the National Westminster Bank mortgage. There is a meaningful difference between the value the bank say and what the property would sell for currently. Can you offer any advice?
- My National Westminster Bank mortgage is in joint names with ex, he has agreed to come off the mortgage and put the house in my name alone. National Westminster Bank have consented to the transfer of equity to my individual name. Do National Westminster Bank contact my boss to confirm my salary?
- Me and a friend got a joint mortgage with National Westminster Bank on a house in 2013. I am now looking to get a apartment by myself and my friend would like to buy me out. Once we have agreed an amount what happens next? Would there be any potential problem with National Westminster Bank with him being responsible for the total mortgage rather than only part of it?
- Will I have to pay any fees for a Transfer of Equity where the current mortgage is with National Westminster Bank?
- I am refinancing my home in Heathfield
does my lawyer have to be on the National Westminster Bank Solicitor panel. The conveyancing also involves a transfer of equity.
Information that may be required from your conveyancing solicitor could ask in relation to your National Westminster Bank Transfer of Equity
Who will be responsible for the costs of the Transfer of Equity?
Where you are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?
Please give the name(s) and addresse(s) of anyone to be extracted from the title deeds?
We need you to provide the National Insurance Number(s) of all the new owners (required for completion of the SDLT Form)
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?
Please provide the details of anyone to be added to the property title?
Caveats to be read in supporting the above National Westminster Bank transfer of equity Info :
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 National Westminster Bank 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 have a requirement for notices to be served and that you obtain the consent of the freeholder. If such conditions are not complied with you may be in violation of your covenants under the lease. This could potentially result in 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 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 varies based on the market value 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 National Westminster Bank your property may be repossessed.
Preparing the Transfer of Equity with a National Westminster Bank 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 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 contained within 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.
