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Find a Law Firm for your Transfer of Equity approved by
Newbury Building Society

Examples of recent questions relating to Newbury Building Society transfer of equity

  • Can you tell me how to have someone removed off the title documents to a house if the mortgage is with Newbury Building Society
  • What can I do where I am unhappy with the conveyancing solicitor who conducted my transfer of equity conveyancing?
  • My decree absolute has gone through as is the consent order. Now I have to address the transfer of equity at the land registry and the Newbury Building Society mortgage. I have asked Newbury Building Society for the transfer of equity forms. What are my next steps?
  • As things stand I have a joint Newbury Building Society mortgage with my step-brother and am looking into the possibility of him assuming responsibility for the outstanding mortgage and removing myself from it, so as to enable me to buy a property with my soon-to-be-wife. The outstanding mortgage is approx 300k, and the property value is in the region 500k. Is this a transfer of equity? Is stamp duty payable?
  • Our mortgage broker has recommended their conveyancing solicitor for my Transfer of Equity plus remortgage with Newbury Building Society - Surely it’s better to just instruct them?
  • What if my application doesn't meet Newbury Building Society lending criteria for a transfer of equity?
  • I purchased a house with a friend in 2008 Since then, we have both got married. We are now intending to do a transfer of equity so my name comes off the Newbury Building Society mortgage. There is a 40k difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?

Sample of information requested in a conveyancing solicitor form relating to Newbury Building Society Transfer of Equity

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been completed?

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 figure

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 confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?

Has consent been obtained from Newbury Building Society to the proposed transfer of equity?

General Advice to read in conjunction with the above Newbury Building Society 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 Newbury Building Society 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 landlord. If such terms are not adhered to you may be in breach 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 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 finalisation of the transfer of equity conveyancing.
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 lawyer 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