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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.

New Life Mortgages transfer of equity: q and a’s

  • How much the typical solicitors fees are for a transfer of equity? I'm in the process of remortgaging - moving over to New Life Mortgages - and have been quoted £250 excluding VAT by New Life Mortgages's approved conveyancer, Have I been over quoted?
  • What do I do if I am not happy with the conveyancing solicitor who did my transfer of equity conveyancing?
  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with New Life Mortgages?
  • What if my application doesn't meet New Life Mortgages lending criteria for a transfer of equity?
  • My current home loan is with New Life Mortgages. Can I transfer equity to someone under eighteen years old?
  • Can I transfer the equity held in my property with my New Life Mortgages home loan?
  • New Life Mortgages have just agreed I can take over the mortgage on my home. I have applied for a transfer of equity but is this a transfer of ownership of the title deeds on top?

Information that may be required from your conveyancing solicitor may ask about your New Life Mortgages Transfer of Equity

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?

If you are adding a person on to the title deeds how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

Please let us know where you are providing any payment for the Transfer of Equity and to whom and disclose the amount?

Who will be responsible for the costs of the Transfer of Equity?

Please give the details of anyone to be added to the property title?

Has consent been obtained from New Life Mortgages to the proposed transfer of equity?

General Advice to read in supporting the above New Life Mortgages transfer of equity Info :

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

Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you have a license to do so from the freeholder. If such conditions are not complied with 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 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 conveyancer 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 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 conveyancer 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 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