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New Street Mortgages

Sample questions relating to New Street Mortgages transfer of equity

  • Me and my former husband and I are are seeking to find an affordable conveyancing lawyer to assist in a transfer of equity and remortgage with New Street Mortgages. I want to avoid being ripped off but with so many conveyancing organisations who do transfer of equity conveyancing to pick from...who's the best?
  • When it comes to transfer of equity conveyancing involving refinance with New Street Mortgages should I be invoiced value added tax on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • Is it possible to apply to borrow more money from New Street Mortgages as part of a Transfer of Equity?
  • Will I have to pay any fees for a Transfer of Equity where the existing mortgage is with New Street Mortgages?
  • Do I need legal advice when doing a transfer of equity where the mortgage is to remain with New Street Mortgages?
  • Been reviewing consumer forums that solicitors are more expensive than conveyancers when it comes to transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor where I am transferring equity and at the same time remortgaging with New Street Mortgages
  • My divorce is through as is the consent order. Now I need to sort out the transfer of equity on title deeds and the New Street Mortgages home loan. I have called New Street Mortgages for the transfer of equity forms. What happens next?

Examples of questions in a lawyer form concerning a New Street Mortgages Transfer of Equity

Is the transfer of equity subject to a court order? If yes please supply a copy

Have you approached New Street Mortgages to seek consent to the Transfer of Equity

Please provide the details of anyone to be removed from the title deeds?

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

Please list all persons who occupy the property, their respective ages and relationships to you.

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

Information to consider in in addition to the above New Street Mortgages transfer of equity Questions and Answers :

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 Street Mortgages conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

If your property is leasehold, provisions in the lease may have a requirement for notices to be served and that you have a license to do so from the landlord. If such terms are not adhered to you may be in violation of your covenants under 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 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 Street 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 Street 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 varies based 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 Street Mortgages.

Preparing the Transfer of Equity with a New Street 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 Street 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 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 Street Mortgages transfer of equity