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Are you in need of a Transfer of Equity with a Newbury Mortgage Services Ltd mortgage? Failing to check that a lawyer is on the Newbury Mortgage Services Ltd list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Examples of recent questions relating to Newbury Mortgage Services transfer of equity

  • My ex-fiance and I are are looking to find a quality conveyancing lawyer to help me sell in a transfer of equity and remortgage with Newbury Mortgage Services. I really don't want to get ripped off but with various conveyancing organisations who do transfer of equity conveyancing to pick from...how do I know which is best select?
  • As things stand I have a joint Newbury Mortgage Services mortgage with my brother and am investigating the feasibility of him assuming responsibility for the whole mortgage and subtracting myself from it, so as to enable me to purchase a property with my fiance. The remaining mortgage is approx 300k, and the property value is about 500k. Is this a transfer of equity? Is stamp duty due?
  • I understand we would need at least AP1 and Transfer Deed. Is this true?
  • Am I best advised stop the direct debit for my mortgage with Newbury Mortgage Services once a date for my remortgage and transfer of equity has been agreed?
  • How and when do I incur stamp duty due for the transfer of equity in my property in my sole name which is happening at the same time as a remortgage with Newbury Mortgage Services?
  • Been reviewing consumer forums that solicitors are more expensive than licensed conveyancers when it comes to transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor if I am transferring equity and at the same time switching mortgage with Newbury Mortgage Services
  • Me and a friend got a joint mortgage with Newbury Mortgage Services on a apartment in 2013. I am now looking to get a flat on my own and my friend would like to buy me out. On the basis that we can settle on an amount what are the next steps? Would there be any potential issue with Newbury Mortgage Services with him being on the hook for the total mortgage as opposed to only part of it?

Examples of questions in a conveyancing solicitor questionnaire concerning a Newbury Mortgage Services Transfer of Equity

Please give the name(s) and addresse(s) of those who jointly own the property with you?

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 the person to be removed from the title deeds will not reside at the property after the transfer of equity has been formalised?

Please provide the name(s) and addresse(s) of anyone to be extracted from the title deeds?

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 provide details of the amount?

General Advice to read in in addition to 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 properties

Should the tenure of your property be leasehold, provisions in the lease may require that you have a license to do so from the freeholder. If such conditions are not complied with you may be in breach of your covenants under 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 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 is dependent on the market value 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 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 conveyancer 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 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