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Newbury Mortgage Services

Sample questions relating to Newbury Mortgage Services transfer of equity

  • Online reading suggests that solicitors are more expensive than conveyancers for transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor if I am transferring equity and simultaneously remortgaging with Newbury Mortgage Services
  • What should I be budgeting for when it comes to what conveyancing charges are for a transfer of equity? I need to transfer equity and refinance - moving over to Newbury Mortgage Services - and have been quoted £350 plus VAT by Newbury Mortgage Services's appointed conveyancer, Have I been over quoted?
  • I am transferring my share of a apartment in Birmingham to my co-owners husband, they are sticking with Newbury Mortgage Services being the the existing lender. We are in heated discussion as to who must pay the costs of the transfer of equity. Is this normally shared or is one of us obliged to cover the charges for?
  • Is it possible to transfer the equity held in my property with my Newbury Mortgage Services mortgage?
  • I got divorced three years ago. Foolishly I never dealt with the change the ownership from the current 'joint' status to my sole name. I am ready to do that and so is she. Transfer-of-equity is needed. Newbury Mortgage Services is happy to transfer the full equity in my name (affordability checks done). Does my ex need any legal representation?
  • What if my application doesn't meet Newbury Mortgage Services lending criteria for a transfer of equity?
  • My divorce is through as is the consent order. Now I have to sort out the transfer of equity at the HMLR and the Newbury Mortgage Services home loan. I have contacted Newbury Mortgage Services for the transfer of equity forms. What happens next?

Examples of information requested in a lawyer form concerning a Newbury Mortgage Services Transfer of Equity

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

Please give the name(s) and addresse(s) of anyone to be added to the title deeds?

Where you are adding someone on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

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 you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?

Please provide a copy of your National Insurance Number?

Information to consider in conjunction with the above Newbury Mortgage Services transfer of equity Questions and Answers :

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 Mortgage Services 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 obtain the consent of the landlord. If such conditions are not complied with you may be in violation 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 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 Mortgage Services 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 Mortgage Services 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 market value of the property at the conclusion of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with Newbury Mortgage Services your property may be repossessed.

Preparing the Transfer of Equity with a Newbury Mortgage Services 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 Mortgage Services 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 conveyancer 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.


Frequently asked questions relating to Newbury Mortgage Services transfer of equity