Newbury Mortgage Services transfer of equity example support desk enquires
- Newbury Mortgage Services have just agreed I can take over the home loan on my home. I previously applied for a transfer of equity but is this a transfer of ownership of the title deeds in addition?
- Will I have to pay any charges for a Transfer of Equity where the current mortgage is with Newbury Mortgage Services?
- I got divorced three years ago. Foolishly I never got around to change the ownership from the current 'joint' status to just in my name. I am ready to do that and so is she. Transfer-of-equity is presumably the way forward. Newbury Mortgage Services is happy to transfer the full equity in my name (affordability checks done). Does she need a lawyer?
- I am selling my share of a property in Woodside to my co-owners fiance, they are reapplying to Newbury Mortgage Services. We are debating as to who must pay the legal bill for the transfer of equity. Should this be shared or is one party obliged to cover the fees for?
- I recently purchased a house without my fiance’s name on the title. My conveyancing solicitor claimed it is due to the fact that she was not in the mortgage with Newbury Mortgage Services. Is it possible for me to add her name on the deeds?
- My mortgage broker has recommended their conveyancer for our Transfer of Equity plus remortgage with Newbury Mortgage Services - Is it not simpler better to just instruct them?
- My ex-wife and I are are looking to find a value for money conveyancing solicitor to assist in a transfer of equity and remortgage with Newbury Mortgage Services. I really don't want to get ripped off but with so many conveyancing organisations who do transfer of equity conveyancing out there...who's the best?
Information that may be required from your lawyer may ask regarding your Newbury Mortgage Services Transfer of Equity
Please provide the details of anyone to be added to the title deeds?
Can you provide the name(s) and addresse(s) of those who jointly own the premises with you?
If you are adding a person on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.
Has consent been obtained from Newbury Mortgage Services to the proposed 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 formalised?
General Advice to 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 titles
Should the tenure of your property be leasehold, provisions in the lease may require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in violation of the lease. This could potentially result in the freeholder taking enforcement action against you.
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 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 valuation 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 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 lawyer 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.