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Are you in need of a Transfer of Equity with a New Street Mortgages mortgage? Failing to check that a lawyer is on the New Street Mortgages 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 Street Mortgages transfer of equity: q and a’s

  • My decree absolute has gone through as is the consent order. Now I must sort out the transfer of equity for the property and the New Street Mortgages home loan. I have asked New Street Mortgages for the transfer of equity forms. What happens next?
  • The mortgage broker has suggested using their conveyancing solicitor for our Transfer of Equity plus remortgage with New Street Mortgages - Surely it’s better to just instruct them?
  • In 2009 I bought a house without my fiance’s name on the deeds. My lawyer claimed it is because she is not in the mortgage with New Street Mortgages. I'm wondering is there any way that I can put her name on the deeds?
  • Is it possible to transfer the equity held in my property with my New Street Mortgages home loan?
  • Me and my former fiance and I are searching for a value for money conveyancing lawyer to help me sell in a transfer of equity and refinance with New Street Mortgages. I I am fearful of appointing the wrong one but with plenty conveyancing solicitors who do transfer of equity conveyancing to pick from...how do I know which to appoint?
  • I jointly own a flat in Ampthill , with a New Street Mortgages loan with my ex husband. Him and his fiance are going to acquire my share. We had consent from New Street Mortgages to remove my name with hers. The transfer of equity needs to be done by a lawyer for New Street Mortgages (supposedly). In order to save fees can I do the Land Registry change?
  • I am mortgaging my apartment in Heathfield does my lawyer have to be on the New Street Mortgages Solicitor panel. The conveyancing also involves a transfer of equity.

Information that may be required from your conveyancer is likely to ask in relation to your New Street Mortgages Transfer of Equity

Has one of the registered owners passed away? If so please supply us with a copy of all the relevant documents e.g. the will, death certificate etc..

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 confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

Can you provide the details of those who jointly own the premises with you?

We need you to supply the National Insurance Number(s) of all the new owners (required for submission of the Stamp Duty Land Tax Form)

Will there be any payment between the parties for the Transfer of Equity? If so, please state the amount and who is to receive what sums

Important warnings to consider in in addition to the above New Street 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 Street 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 obtain the consent of the freeholder. If such terms are not adhered to you may be in violation of the lease. This could trigger 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 conveyancer 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 is dependent on the valuation of the property at the time of completion of the transfer of equity transaction.
If you do not keep up the payments on your mortgage with New Street Mortgages your property may be repossessed.

Preparing the Transfer of Equity with a New Street Mortgages Mortgage

When it comes to preparing the the Land Registry documents your conveyancing solicitor 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.

Content on this webpage is for general information and only applies to England and Wales. It does not constitute 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