Recently asked questions relating to Newbury Mortgage Services transfer of equity
- My Newbury Mortgage Services mortgage is in joint names with ex, he is agreeable to be removed and put the house in my name alone. Newbury Mortgage Services have consented to the transfer of equity to my individual name. Will Newbury Mortgage Services get in touch with my company to check my salary?
- Can you tell me how to have a person removed from the deeds to a house if the home loan is with Newbury Mortgage Services
- Me and a friend got a joint mortgage with Newbury Mortgage Services on a house in 2013. I am now looking to get a property on my own and my friend would like to buy me out. Assuming we can agree a price what happens next? Would there be any potential problem with Newbury Mortgage Services with him being responsible for the total mortgage as opposed to only half of it?
- I own a apartment in Timperley
, with a Newbury Mortgage Services loan with my ex husband. Him and his fiance are going to acquire my share. We had the go ahead from Newbury Mortgage Services to substitute my name with hers. The transfer of equity has to be completed by a conveyancer for Newbury Mortgage Services (supposedly). Can we do the Land Registry change?
- Two years ago I purchased a house without my wife's name on the title. My lawyer advised it is because she was not in the loan offer with Newbury Mortgage Services. Is it possible for me to put her name on the title?
- Is it sensible to cancel the direct debit for my mortgage with Newbury Mortgage Services as soon as a date for my remortgage and transfer of equity has been set?
- I purchased a flat with a friend six years ago Since then, we have both got married. We are now intending to do a transfer of equity so my name is removed the Newbury Mortgage Services mortgage. There is a 40k difference between the value the mortgage company say and what the property would sell for currently. Can you offer any advice?
Information that may be required from your conveyancing solicitor may ask in relation to your Newbury Mortgage Services Transfer of Equity
Please give the details of anyone to be removed from the title deeds?
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?
Has consent been obtained from Newbury Mortgage Services to the proposed transfer of equity?
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?
We need you to supply the National Insurance Number(s) of all the new owners (required for completion of the SDLT Form)
Is the transfer of equity subject to a court order? If yes please supply a copy
Important warnings to consider in conjunction with 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 titles
If your property is leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such conditions are not complied with you may be in breach of your covenants under the lease. This could trigger 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 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 varies based on the valuation of the property at the time of completion 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 conveyancing solicitor 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 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.