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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

  • I am under the impression we would need at least AP1 and TR1. Is this true?
  • In 2009 I purchased a house without my partner's name on the title documents. My conveyancer advised it is due to the fact that she was not in the loan offer with New Street Mortgages. I'm wondering is there any way that I can add her name on the deeds?
  • What if my application doesn't meet New Street Mortgages lending criteria for a transfer of equity?
  • Online research suggests that solicitors are more expensive than conveyancers for transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor where I need to be transferring equity and simultaneously switching mortgage with New Street Mortgages
  • What is the process for having someone removed off the deeds to a house where the home loan is with New Street Mortgages
  • Do I need legal advice when doing a transfer of equity where the home loan is to remain with New Street Mortgages?
  • Am I best advised cancel my mortgage payments with New Street Mortgages as soon as a date for my remortgage and transfer of equity has been agreed?

Sample of questions in a conveyancer questionnaire relating to New Street Mortgages Transfer of Equity

Please provide the name(s) and addresse(s) of anyone to be removed from the property title?

Can you give the details of anyone who jointly owns the premises with you?

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

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 give the details of anyone to be added to the title deeds?

Please clarify if you are providing any payment for the Transfer of Equity and to whom and notify us any such sums?

Information to consider in further 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 properties

Should the tenure of your property be 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 conditions are not complied with you may be in violation of your covenants under 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 lawyer 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 valuation of the property at the time of completion 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 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 Street Mortgages transfer of equity