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

  • Do I need legal representation when doing a transfer of equity where the home loan is to remain with Newbury Building Society?
  • Can you tell me how to have a person removed from the title documents to a property where the mortgage is with Newbury Building Society
  • I am looking for a conveyancer to handle my transfer of equity. Newbury Building Society are dealing with the remortgage. I considered asking my financial adviser. I understand he will likely get a referral fee for suggesting someone, but also of benefit will be that he knows the conveyancing solicitor, has dealt with them before. Any flaws you see in this way of thinking?
  • After four years separated I have decided to give up my interest in our house to my husband who is refinancing with Newbury Building Society. Could this transfer of equity be completed in less than four weeks?
  • How and when do I cover the costs of the Stamp Duty Land Tax chargeable for the transfer of equity in my home in my sole name which is happening at the same time as a refinancing via Newbury Building Society?
  • My -ex-husband and I are searching for a responsive conveyancing lawyer to help me sell in a transfer of equity and refinance with Newbury Building Society. I I am fearful of appointing the wrong one but with many conveyancing organisations who do transfer of equity conveyancing out there...how do I know which one to select?
  • My partner and I co-own a property in Littleborough . Mortgage is with Newbury Building Society. I wish to transfer full ownership to him with no payment of money but without using a conveyancing solicitor. Is this likely to be simple?

Examples of questions in a conveyancer form concerning a Newbury Building Society Transfer of Equity

If are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Please give the details of anyone who jointly owns the property with you?

Please give the details of anyone to be added to the property title?

Where you are adding a person on to the property 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 the transfer of equity has been formalised?

Please provide a copy of your National Insurance Number?

Caveats to be read in supporting 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 titles

Should the tenure of your property be leasehold, the lease may require that you obtain the consent of the freeholder. If such terms are not adhered to 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 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 conveyancer 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 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 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 conveyancer 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 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 Newbury Building Society transfer of equity