Sample questions relating to Newbury Building Society transfer of equity
- I am mortgaging my home in Littleborough
does my lawyer have to be on the Newbury Building Society Conveyancing panel. The conveyancing also involves a transfer of equity.
- Two years ago I purchased a flat without my wife's name on the title. My conveyancer said it is due to the fact that she is not in the loan offer with Newbury Building Society. Is it possible for me to put her name on the documents at HM Land Registry?
- What is the process for having a person removed from the title documents to a house if the home loan is with Newbury Building Society
- I intend to refinance my flat in Timperley
moving from Yorkshire Bank Home Loans to Newbury Building Society. The maisonette is jointly owned but intend for it to be in my sole name when I remortgage. My husband has verbally consented to this and is willing to sign a form but neither of us want to get a second conveyancing solicitor involved.
- Been reviewing consumer forums that solicitors are more expensive than licensed conveyancers when it comes to transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor if I need to be transferring equity and at the same time remortgaging with Newbury Building Society
- My partner and I jointly own a house in Dunnington
. Mortgage is with Newbury Building Society. I would like to transfer full ownership to him with no exchange of money but without using a conveyancer. Do you think this should be easy to so?
- I acquired a property with a friend five.seven years ago Since then, we have both got married. We are now looking to do a transfer of equity so my name is removed the Newbury Building Society mortgage. There is a 40k difference between the value the Newbury Building Society say and what the property would sell for currently. Can you offer any advice?
Questions that your conveyancing solicitor could ask about your Newbury Building Society Transfer of Equity
Please provide the name(s) and addresse(s) of anyone to be added to the property title?
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?
Please provide the name(s) and addresse(s) of those who jointly own the premises with you?
Where you are adding someone on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.
Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you
Please let us know of you wish us to prepare Declaration of Trust. If so are you happy to pay for the additional fee (beyond the Transfer of Equity fee)?
General Advice to read in supporting the above Newbury Building Society transfer of equity information :
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
Should the tenure of your property be leasehold, the lease may require that you have a license to do so from the landlord. If such terms are not adhered to you may be in violation of the lease. This could potentially result in the freeholder taking enforcement action against you.
If the transfer of equity is made pursuant to 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 lawyer 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 varies based on the market value 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 Newbury Building Society your property may be repossessed.
Preparing the Transfer of Equity with a Newbury Building Society 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 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.
Information provided on 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.