LenderPanel.com

Find a Law Firm approved by
Newbury Building Society

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.

Sample questions relating to Newbury Building Society transfer of equity

  • I am under the impression we would need at least AP1 and TR1. Is this true?
  • At what stage do I cover the costs of stamp duty due for the transfer of equity in my property in my name alone which is taking place simultaneously with a switching mortgage via Newbury Building Society?
  • My mum passed away last January leaving a unencumbered semi to me and my half brother in equal shared. Having continues to reside at the house, there was a clause in her will specifying that the propertycould not be sold for 2 years following her passing so he could remain there for a prescribed period. He now says he would like to remain in the premises beyond the specified period. We have considered a transfer of equity. Am I right in saying we should get a valuation then he'd get a home loan in the traditional way to purchase my equity?
  • Is there such a thing a transfer of equity stamp duty calculator?
  • What is the process for having a person removed from the title documents to a property where the home loan is with Newbury Building Society
  • What are the average conveyancing charges are for a transfer of equity? I need to transfer equity and remortgage - moving over to Newbury Building Society - and have been quoted £350 plus VAT by Newbury Building Society's approved conveyancing solicitor, Is this a reasonable price?
  • Our financial adviser has suggested using their lawyer for the Transfer of Equity plus remortgage with Newbury Building Society - Is it not simpler advisable to just use them?

Sample of questions in a conveyancing solicitor questionnaire concerning a Newbury Building Society Transfer of Equity

Is it the case that one of the registered proprietors died? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..

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

We need you to supply the National Insurance Number(s) of all the new owners (required for completion of the SDLT Form)

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 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 property title?

Important warnings to consider 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, provisions in the lease may have a requirement for notices to be served and that you have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in breach of 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 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 market value of the property at the conclusion 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 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 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 Newbury Building Society transfer of equity