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Are you in need of a Transfer of Equity with a New Life Mortgages Ltd mortgage? Failing to check that a lawyer is on the New Life Mortgages 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.

Top seven questions relating to New Life Mortgages transfer of equity

  • Can you tell me how to have a person removed from the deeds to a house if the mortgage is with New Life Mortgages
  • I co-own a apartment in Littleborough , with a New Life Mortgages loan with my ex husband. Him and his fiance are going to buy me out. We had the go ahead from New Life Mortgages to replace my name with hers. The transfer of equity needs to be completed by a lawyer for New Life Mortgages (supposedly). In order to save fees can I do the Land Registry change?
  • Me and a friend got a joint mortgage with New Life Mortgages on a apartment in 2013. I am now looking to get a property by myself and my friend would like to buy me out. Assuming we can agree an amount where do we go? Is there likely to be any problem with New Life Mortgages with him being solely liable for the total loan as opposed to only half of it?
  • My New Life Mortgages home loan we jointly entered into with ex, he has agreed to be removed and put the house in my name alone. New Life Mortgages will permit the transfer of equity to my individual name. Do New Life Mortgages call my employer to verify my salary?
  • My existing home loan is with New Life Mortgages. Can I transfer equity to someone under 18 years old?
  • How do I go about adding or subtracting names (transfer of equity) to or from my New Life Mortgages mortgage account?
  • Online reading suggests that solicitors are more expensive than conveyancers when it comes to transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor where I am transferring equity and at the same time refinancing with New Life Mortgages

Questions that your conveyancer could ask about your New Life Mortgages 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 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 provide the name(s) and addresse(s) of those who jointly own the premises with you?

Please give the details of anyone to be extracted from the title deeds?

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

Would you like us to draw up a Declaration of Trust. If so are you willing to incur the additional fee (beyond the Transfer of Equity fee)?

Important warnings to consider in supplemental the above New Life Mortgages 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 New Life Mortgages conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

If your property is leasehold, provisions in the lease may require that you obtain the consent of the landlord. If such restrictions are not strictly observed you may be in breach of 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 conveyancing solicitor will check with New Life Mortgages 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 New Life Mortgages 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 market value of the property at finalisation of the transfer of equity transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with New Life Mortgages.

Preparing the Transfer of Equity with a New Life Mortgages 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 New Life Mortgages 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 lawyer 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 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 New Life Mortgages transfer of equity