Examples of recent questions relating to Newbury Building Society transfer of equity
- Me and my former husband and I are searching for an affordable conveyancing lawyer to assist in a transfer of equity and remortgage with Newbury Building Society. I really don't want to get ripped off and there's plenty conveyancing practices who do transfer of equity conveyancing out there...who's the best?
- My dad died half a year ago leaving a loan-free semi to me and my half brother equally. Having continues to reside at the property, there was a condition in her will specifying that the housecould not be sold for three years following her death so he could remain there for a while. He now wants to remain in the property beyond the specified period. We have considered a transfer of equity. Would I be right in thinking that we should get a valuation then he'd get a home loan in the traditional way to acquire my half from me?
- I am in the process of removing a name from a joint mortgage and the Newbury Building Society require me to use a lawyer to carry out the paperwork. Can you recommend a reasonably priced Witham
lawyer to deal with the transfer of equity? They need to be on the Newbury Building Society conveyancing panel.
- I already have a mortgage with Newbury Building Society and am keeping my existing mortgaging but applying to have have the equity transferred to my name alone so my former partner will no longer be on the mortgage. How long do Newbury Building Society take to deal with the application?
- Is it possible to apply to borrow more money from Newbury Building Society as part of a Transfer of Equity?
- When it comes to transfer of equity conveyancing involving refinance with Newbury Building Society should I be charged value added tax on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
- I co-own a house in Ampthill , with a Newbury Building Society mortgage with my ex husband. Him and his new partner are going to buy me out. We had approval from Newbury Building Society to replace my name with hers. The transfer of equity has to be completed by a lawyer for Newbury Building Society (supposedly). In order to save fees can I deal with the Land Registry change?
Information that may be required from your conveyancer could ask in relation to your Newbury Building Society Transfer of Equity
Can you provide the name(s) and addresse(s) of anyone who jointly owns the property with you?
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 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?
If are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?
Is it the case that one of the registered proprietors passed away? If so please supply us with a copy of the Death Certificate, Probate and a copy of the Will.
Information to consider in conjunction with the above Newbury Building Society transfer of equity Advice :
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 premises
If your property is leasehold, 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 restrictions are not strictly observed you may be in breach of your covenants under the lease. This could trigger the freeholder taking enforcement action against you.
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 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 the time of completion 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 conveyancer 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 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.