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Newbury Mortgage Services

Recently asked questions relating to Newbury Mortgage Services transfer of equity

  • What do I need to do when it comes adding or subtracting names (transfer of equity) to or from my Newbury Mortgage Services mortgage account?
  • Newbury Mortgage Services yesterday agreed I can take over the mortgage on my home. I previously applied for a transfer of equity but is this a transfer of ownership of the title deeds on top?
  • I am planning on removing a name from a joint mortgage and the Newbury Mortgage Services require me to use a conveyancer to carry out the legalities. Can you recommend a reasonably priced Blaenavon conveyancer to deal with the transfer of equity? They need to be on the Newbury Mortgage Services conveyancing panel.
  • I am selling my share of a apartment in Hendon to the other co-owners husband, they are sticking with Newbury Mortgage Services being the the existing mortgage company. We are debating as to who must cover the costs of the transfer of equity. Should this be shared or is one of us obliged to cover the legal bill?
  • Have recently separated from my wife of twenty years. I'm now living with my parents again and she wishes to remain in the property and buy me out. What percentage do I get. Is it half of the equity after redeeming the mortgage with Newbury Mortgage Services? I assume proper valuations are necessary but I really need to be sure that I'm getting the best deal
  • I am under the impression we would need at least AP1 and Transfer Deed. Is this true?
  • I am hoping to remortgage my maisonette in Littleborough changing from Leeds Building Society to Newbury Mortgage Services. The flat is jointly owned but propose for it to be in my sole name when I transfer. My husband is OK with this and is willing to transfer equity but neither of us want to get a second conveyancing solicitor involved.

Examples of information requested in a conveyancer questionnaire concerning a Newbury Mortgage Services 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

Is the transfer of equity subject to a court order? If yes please supply a copy

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

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

Where you are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

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

Caveats to be read in further to the above Newbury Mortgage Services transfer of equity information :

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 Mortgage Services conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

Should the tenure of your property be leasehold, the lease may require that you obtain the consent of 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 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 lawyer 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 is dependent on the market value of the property at finalisation of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Newbury Mortgage Services.

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 conveyancing solicitor 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 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 Mortgage Services transfer of equity