Sample questions relating to Newbury Building Society transfer of equity

• I am in the market for an affordable conveyancing solicitor to help me sell in a transfer of equity and remortgage with Newbury Building Society. I really don't want to get ripped off but with so many conveyancing practices who do transfer of equity conveyancing to pick from...how do I know which is best appoint?
• I plan to remortgage my apartment in Ampthill moving from RBS to Newbury Building Society. The flat is jointly owned but propose for it to be in my name only once I transfer. My former partner is OK with this and is happy to transfer equity but neither of us want to get a second lawyer involved.
• Online research suggests that solicitors are more expensive than licensed conveyancers for transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor if I am transferring equity and at the same time refinancing with Newbury Building Society
• Me and my partner co-own a house in Friern Barnet . Mortgage is with Newbury Building Society. I wish to transfer full ownership to him with no passing of money but without using a conveyancing solicitor. Is this likely to be easy to so?
• My brother and I got a joint mortgage with Newbury Building Society on a property in 2013. I am now thinking of buying a flat on my own and my friend would like to buy me out. Once we have agreed a price what happens next? Is there likely to be any problem with Newbury Building Society with him being solely liable for the total loan as opposed to only half of it?
• Is there such a thing a transfer of equity stamp duty calculator?
• I recently bought a apartment without my partner's name on the ownership paperwork. My conveyancer claimed it is due to the fact that she is not in the loan offer with Newbury Building Society. I'm wondering is there any way that I can put her name on the documents at HMLR?

Sample of information requested in a lawyer form concerning a Newbury Building Society Transfer of Equity

Information to consider in further to the above Newbury Building Society transfer of equity Questions and Answers :

Tax and Legal

There are numerous potential 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

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 landlord. If such conditions are not strictly observed 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 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 valuation of the property at the conclusion of the transfer of equity transaction.

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.

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.