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Newbury Mortgage Services transfer of equity example support desk enquires

  • I am in the process of remortgaging my home in Romsey does my lawyer have to be on the Newbury Mortgage Services Conveyancing panel. The conveyancing also involves a transfer of equity.
  • Me and a friend got a joint mortgage with Newbury Mortgage Services on a house in 2013. I am now looking to get a apartment on my own and my friend would like to buy me out. On the basis that we can settle on an amount where do we go? Would there be any potential concerns with Newbury Mortgage Services with him being responsible for the total mortgage rather than only part of it?
  • Can you tell me how to have someone removed from the title documents to a property if the home loan is with Newbury Mortgage Services
  • I am trying to find a conveyancing solicitor to undertake my transfer of equity. Newbury Mortgage Services are dealing with the refinancing. I considered asking my financial adviser. I understand he may receive a kickback for suggesting someone, but also of benefit will be that he knows the lawyer, has a working relationship with them. Any flaws you see in this way of thinking?
  • My current home loan is with Newbury Mortgage Services. Can I transfer equity to someone who is not yet eighteen years old?
  • My ex are planning to get a conveyancing solicitor in place for a refinance with Newbury Mortgage Services. Transfer of Equity conveyancing is also requiredI have used the different comparison based tools and the results are from all over UK. How necessary is it to have a conveyancer local to us?
  • I got divorced in 2010. For some reason I never got around to change the ownership from both our names to just in my name. I now plan to deal with it and there are no objections. Transfer-of-equity is needed. Newbury Mortgage Services is willing to transfer the full equity in my name (affordability checks done). Does she need a conveyancer?

Examples of questions in a conveyancer form concerning a Newbury Mortgage Services Transfer of Equity

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

Have you approached Newbury Mortgage Services to obtain consent to the Transfer of Equity

Please list all persons who occupy the property, their respective ages and relationships to you.

Is there to be any consideration monies passing between the parties for the Transfer of Equity? If so, please state the amount and who is to receive the same

Please provide the details of anyone to be added to the title deeds?

We need you to provide the National Insurance Number(s) of all the new owners (required for completion of the SDLT Form)

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

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

If your property is 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 terms are not adhered to you may be in breach 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 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 conveyancer 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 finalisation of the transfer of equity transaction.
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 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