Nationwide fiasco

amnblog

This must be one for your Solicitor to sort.

Their job, they know the case.

davidmcn

Hummhurst wrote: »

Solicitor keeps trying to explain to them that no SDLT is liable but Nationwide are insisting £160k is put on Transfer deed rather than just the existing debt (as per government helpline advise). As SDLT is payable above £150 therefore approx £700 is payable.

SDLT is payable on whatever the chargeable consideration is - which is not necessarily the figure on the transfer deed.

TrickyDicky101

OP who is your solicitor? Do they have much experience with Land Registry forms and dealings in respect of property transactions?

Hummhurst

Yes - our Solicitor is a Senior Partner in a large law firm in Central London. We are not the first transfer of equity/further advance they have dealt with.

They are asking clarification as information needed from Nationwide to complete their paperwork is completely different to what they usually deal with. No one in Nationwide has been able to explain this.

malc_b

Why don't you just jointly take out the new 80k loan leave the existing 80k loan in your name only just to run out in a year? Who owns the loan has no effect on who owns the house. And just because your husband isn't on the old 80k loan won't affect the affordability calculation, he'll have more net income and you less, but it's a joint loan.

minimike2

Wow what a mess. This really should be a simple thing to do.

Sounds like it's been complicated by Nationwide getting you to involve your own solicitors rather than using their panel solicitors. Sounds like they must not have a process in place for this scenario of transaction.

Op89

This is for the solicitor's to explore and sort out. Nationwide don't get involved in SDLT amounts or liabilities. Not sure why your solicitors are having trouble though. I have completed a few of these transactions and to my knowledge there has never been that level of confusion.

Have you asked your solicitor to handle this for you? In the nicest way you pay them to deal with this.

Hummhurst

Thanks for your comments:

Nationwide told us we had to do it that way, i.e. Put his name on existing mortgage and do a Transfer of Equity.

We agree it would have been much easier if their Solicitors could have done it. It's an extra fee of around £500 to do a Transfer of Equity, so they were not prepared to absorb the cost.

We are chasing it as our Solicitor is having no joy. We spoke to him yesterday and he said the problem is -
Every time he calls them he has to ring a call centre rather than speak to someone direct.
The person he talks to does not have the knowledge to deal with our application; it would be easier if he could talk to an Underwriter who would know what to do. He is unable to do this directly. Every time he/or us ring them, the person we speak to has to keep putting us on hold to get more information. Surely they should know what to do. We can't be the first people to do this.
If he replies to questions via a fax (how antiquated) it can take up to a week to be 'processed' and passed onto the correct person.

Really wish we had done the Transfer of Equity/adding his name to the mortgage before we made application for further advance.

We are rapidly running out of time with no resolution in sight. The latest apparently is they are asking our Solicitor to tell them how much we are borrowing and what it's for. That was on our original application!!!

Thrugelmir

Hummhurst wrote: »

We agree it would have been much easier if their Solicitors could have done it. It's an extra fee of around £500 to do a Transfer of Equity, so they were not prepared to absorb the cost.

Why are you employing your own. Rather than use a panel solicitor to undetake everything?

minimike2

Hummhurst wrote: »

T

We agree it would have been much easier if their Solicitors could have done it. It's an extra fee of around £500 to do a Transfer of Equity, so they were not prepared to absorb the cost.

I didn't say you wouldn't pay for it... Although panel solicitors usually charge around £350 for this sort of thing.

Just seems crazy for them not to have this agreement in place with a panel solicitor for this kind of arrangement, for the exact reasons you are experiencing with your own.