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Newbury Building Society

Sample questions relating to Newbury Building Society transfer of equity

  • Is it sensible to stop the direct debit for my mortgage with Newbury Building Society as soon as a date for my remortgage and transfer of equity has been set?
  • I jointly own a property in Winchelsea , with a Newbury Building Society mortgage with my ex husband. Him and his new partner are going to acquire my share. We had the go ahead from Newbury Building Society to remove my name with hers. The transfer of equity needs to be completed by a conveyancing solicitor for Newbury Building Society (supposedly). Is it possible for us to deal with the Land Registry formalities?
  • My friend and I got a joint mortgage with Newbury Building Society on a flat about a year ago. I am now looking to get a house on my own and my friend would like to buy me out. On the basis that we can settle on a price what are the next steps? Would there be any potential issue with Newbury Building Society with him being solely liable for the total loan as opposed to only part of it?
  • What do I need to do when it comes adding or subtracting names (transfer of equity) to or from my Newbury Building Society mortgage account?
  • Can I apply to request a further advance from Newbury Building Society as part of a Transfer of Equity?
  • I bought a property with my cousin five.seven years ago Since purchasing the property, we have both got married. We are now seeking to do a transfer of equity so my name is taken off the Newbury Building Society mortgage. There is a significant difference between the value the Newbury Building Society hold and what the property would sell for currently. Can you offer any advice?
  • What is the process for having a person removed from the title documents to a house where the home loan is with Newbury Building Society

Sample of information requested in a conveyancer questionnaire concerning a Newbury Building Society Transfer of Equity

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

Who will be responsible for the costs of the Transfer of Equity?

Please provide the details of anyone to be removed from the property title?

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?

General Advice to read in conjunction with the above Newbury Building Society transfer of equity Info :

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, the lease may require that you obtain the consent of the freeholder. If such conditions are not strictly observed you may be in violation of the lease. This could potentially result in the freeholder taking enforcement action against you.

Indemnity Insurance

If the transfer of equity is made as a result of 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 valuation of the property at finalisation 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 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 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