Examples of recent questions relating to New Life Mortgages transfer of equity
- I am led to believe we would need at least AP1 and Transfer Deed. Is this true?
- Can you tell me how to have someone removed from the title documents to a property where the home loan is with New Life Mortgages
- I am hoping to refinance my home in Ampthill switching from Birmingham Midshires to New Life Mortgages. The home is currently in joint names but I would like it to be in my name only once I remortgage. My wife has verbally consented to this and is willing to transfer equity but neither of us want to get a second conveyancing solicitor involved.
- My ex-partner and I are are seeking to find an affordable conveyancing lawyer to help me sell in a transfer of equity and refinance with New Life Mortgages. I I am concerned about being overcharged but with so many conveyancing organisations who do transfer of equity conveyancing out there...how do I know which one is best appoint?
- My former wife are looking to get a conveyancing solicitor lined up for a remortgage with New Life Mortgages. Transfer of Equity conveyancing is also neededI have used the different rating based websites and the results are from all over UK. Do we need to appoint a conveyancer local to us?
- My mother died half a year ago leaving a loan-free property to me and my brother 50:50. He has always lived in the property, there was a provision in her will saying the propertycould not be sold for three years after her death so he could reside there for a prescribed period. He now wishes to remain in the premises beyond the specified period. We have discussed a transfer of equity. Would I be right in thinking that we'd get a valuation then he'd get a mortgage in the traditional way to acquire my share?
- I own a apartment in Witham
, with a New Life Mortgages mortgage with my former husband. He and his new partner are going to buy me out. We had consent from New Life Mortgages to substitute my name with hers. The transfer of equity has to be completed by a lawyer for New Life Mortgages (supposedly). Is it possible for us to deal with the Land Registry formalities?
Information that may be required from your conveyancing solicitor may ask regarding your New Life Mortgages Transfer of Equity
Please give the name(s) and addresse(s) of anyone to be added to the title deeds?
Who will be responsible for the costs of the Transfer of Equity?
Can you provide the name(s) and addresse(s) of those who jointly own the premises with you?
Has one of the registered owners died? If so please supply us with a copy of the Death Certificate, Probate and a copy of the Will.
Where you are intent on holding 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 confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?
Important warnings to consider in supporting 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 titles
If your property is leasehold, the lease may require that you have a license to do so from the landlord. If such restrictions are not strictly observed you may be in violation of the lease. This could potentially result in the freeholder taking enforcement action against you.
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 lawyer 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 the conclusion of the transfer of equity conveyancing.
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 lawyer 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 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 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.