LenderPanel.com

Find a Law Firm for your Transfer of Equity approved by
Nationwide BS

Recently asked questions relating to Nationwide Building Society transfer of equity

  • My former wife are planning to get a conveyancing solicitor in place for a remortgage with Nationwide Building Society. Transfer of Equity conveyancing is also requiredI have used the different comparison based services and the results are from all over UK. How necessary is it to have a conveyancing solicitor local to us?
  • Me and my former partner and I are searching for an affordable conveyancing solicitor to help me sell in a transfer of equity and refinance with Nationwide Building Society. I want to avoid being ripped off and there's many conveyancing organisations who do transfer of equity conveyancing to choose from...who do I opt for?
  • I am selling my share of a property in Birmingham to the other co-owners husband, they are sticking with Nationwide Building Society as the the existing lender. We are haggling as to who should pay the charges for the transfer of equity. Should this be split or is one party obliged to cover the charges for?
  • In 2013 I purchased a house without my wife's name on the ownership paperwork. My lawyer said it is because she was not in the mortgage with Nationwide Building Society. Is it possible for me to put her name on the documents at HMLR?
  • My fiance and myself equally own a buy to let. I am a top rate tax payer. Preferably I wish to do a transfer of equity into her name in order reduce our tax on the letting income. Assuming Nationwide Building Society are happy with this the legal fees are not high. What are the implications when we sell? As I would no longer be on the deeds would I lose my CGT relief.
  • I am led to believe we would need at least AP1 and TR1. Is this true?
  • What if my application doesn't meet Nationwide Building Society lending criteria for a transfer of equity?

Sample of questions in a lawyer questionnaire relating to Nationwide Building Society Transfer of Equity

Has one of the registered proprietors died? If so please forward 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 give details of the amount?

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

We need you to supply the National Insurance Number(s) of all the new owners (required for completion of the SDLT Form)

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

General Advice to read in supplemental the above Nationwide Building Society transfer of equity information :

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 Nationwide Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

If your property is leasehold, the lease may require that you obtain the consent of the landlord. If such conditions are not strictly observed you may be in breach of the lease. This could potentially result in 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 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 Nationwide Building Society 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 Nationwide Building Society 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 valuation of the property at finalisation of the transfer of equity transaction.
If you do not keep up the payments on your mortgage with Nationwide Building Society your property may be repossessed.

Preparing the Transfer of Equity with a Nationwide Building Society 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 Nationwide Building Society 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.


Frequently asked questions relating to Nationwide BS transfer of equity