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Are you in need of a Transfer of Equity with a Newbury Building Society mortgage? Failing to check that a lawyer is on the Newbury Building Society 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.

Newbury Building Society transfer of equity: q and a’s

  • I am transferring my share of a house in Woodside to the other co-owners husband, they are reapplying to Newbury Building Society. We are in heated discussion as to who must cover the costs of the transfer of equity. Should this be shared or is one of us obliged to cover the charges for?
  • Is it possible to transfer the equity held in my property with my Newbury Building Society mortgage?
  • Is it possible to apply to request a further advance from Newbury Building Society as part of a Transfer of Equity?
  • Me and a friend got a joint mortgage with Newbury Building Society on a house in 2013. I am now thinking of purchasing a apartment on my own and my friend would like to buy me out. Once we have agreed a price what are the next steps? Would there be any potential problem with Newbury Building Society with him being solely liable for the total mortgage as opposed to only half of it?
  • Have recently split up with my partner of 18 years. I'm now back with my parents again and she wishes to stay in the flat and pay me off. What portion am I entitled to. Is it 50% of the equity after discharging the mortgage with Newbury Building Society? I assume proper valuations are required but I really need to be confident that I'm getting the best deal
  • Will I incur any charges for a Transfer of Equity where the existing mortgage is with Newbury Building Society?
  • Can you tell me how to have a person removed from the deeds to a house where the mortgage is with Newbury Building Society

Examples of questions in a lawyer form relating to Newbury Building Society Transfer of Equity

Can you provide the name(s) and addresse(s) of anyone who jointly owns the property with you?

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

Would you like us to prepare Declaration of Trust. If so are you happy to incur the further fee (beyond the Transfer of Equity fee)?

Please provide a copy of your National Insurance Number?

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 adding someone on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

General Advice to read in supporting the above Newbury Building Society transfer of equity Advice :

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 Newbury Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

If your property is 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 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 pursuant to 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 Newbury Building Society 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 Newbury Building Society 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 conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Newbury Building Society.

Preparing the Transfer of Equity with a Newbury Building Society 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 Newbury Building Society 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 Newbury Building Society transfer of equity