Recently asked questions relating to Newbury Building Society transfer of equity

• How much the typical solicitors costs are for a transfer of equity? I'm in the process of remortgaging - moving over to Newbury Building Society - and have been quoted £350 plus VAT by Newbury Building Society's approved conveyancer, Is this a reasonable price?
• I jointly own a property in Rye , with a Newbury Building Society mortgage with my ex partner. He and his fiance are going to buy me out. We had consent from Newbury Building Society to replace my name with hers. The transfer of equity needs to be done by a lawyer for Newbury Building Society (apparently). In order to save fees can I do the Land Registry change?
• Will I have to pay any charges for a Transfer of Equity where the current home loan is with Newbury Building Society?
• Have recently split up with my partner of 18 years. I'm now living with my mum and dad and she wishes to remain in the apartment and pay me off. What percentage do I get. Is it 50% of the equity after discharging the mortgage with Newbury Building Society? I assume proper valuations are required but I would like ensure that I'm getting I am not being walked over
• My brother and I got a joint mortgage with Newbury Building Society on a flat a couple of years ago. I am now thinking of buying a house by myself and my friend would like to buy me out. Assuming we can agree an amount what are the next steps? Is there likely to be any problem with Newbury Building Society with him being solely liable for the total mortgage rather than only half of it?
• My mortgage broker has suggested using their lawyer for my Transfer of Equity plus remortgage with Newbury Building Society - won’t it be better to just instruct them?
• Me and my partner co-own a flat in Winchelsea . Home loan is with Newbury Building Society. I would like to transfer full ownership to him with no exchange of money but without using a conveyancing solicitor. Is this likely to be easy to so?

Examples of questions in a lawyer questionnaire relating to Newbury Building Society Transfer of Equity

Information to consider 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 premises

Should the tenure of your property be 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 conditions are not complied with 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 pursuant to 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 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 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 lawyer 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.