Frequently asked questions relating to Newbury Mortgage Services transfer of equity
- Will I have to pay any fees for a Transfer of Equity where the existing mortgage is with Newbury Mortgage Services?
- My decree absolute is through as is the consent order. Now I must deal with the transfer of equity at the land registry and the Newbury Mortgage Services home loan. I have contacted Newbury Mortgage Services for the transfer of equity application. What do I do now?
- I jointly own a flat in Miles Platting
, with a Newbury Mortgage Services loan with my former partner. He and his new partner are going to buy me out. We had the go ahead from Newbury Mortgage Services to remove my name with hers. The transfer of equity needs to be done by a conveyancing solicitor for Newbury Mortgage Services (supposedly). Is it possible for us to deal with the Land Registry formalities?
- I am under the impression we would need at least AP1 and TR1. Is this true?
- Have recently split up with my wife of thirty years. I'm now back with my mum and dad and she wants to remain in the apartment and pay me off. What percentage am I entitled to. Is it 50% of the equity after discharging the mortgage with Newbury Mortgage Services? I assume proper valuations are necessary but I really need ensure that I'm getting I am not being walked over
- My former husband are planning to get a conveyancer lined up for a new mortgage with Newbury Mortgage Services. Transfer of Equity conveyancing is also necessaryI have used the different rating based websites and the results are from all over UK. Do we need to appoint a lawyer local to us?
- I already have a mortgage with Newbury Mortgage Services and am keeping my existing mortgaging but wish to have have the equity transferred to my name alone so my ex won't be on it any longer. How long does the whole transfer of equity process take?
Information that may be required from your conveyancing solicitor may ask in relation to your Newbury Mortgage Services Transfer of Equity
Who will be responsible for the costs of the 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?
Has one of the registered proprietors died? If so please supply us with a copy of the Death Certificate, Probate and a copy of the Will.
Please list all persons who occupy the property, their respective ages and relationships to you.
Please give the details of anyone to be extracted from the title deeds?
Please give the name(s) and addresse(s) of anyone to be added to the property title?
Caveats to be read in supporting the above Newbury Mortgage Services transfer of equity Questions and Answers :
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 premises
If your property is leasehold, 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 trigger the freeholder taking enforcement action against you.
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 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 varies based 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 conveyancing solicitor 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.
Content 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.