LenderPanel.com

Find a Law Firm for your Transfer of Equity approved by
Newbury Mortgage Services

Sample questions relating to Newbury Mortgage Services transfer of equity

  • Is there such a thing a transfer of equity stamp duty calculator?
  • I got my Decree Absolute two years ago. I simply never got around to transfer ownership from the current 'joint' status to my sole name. I am ready to do that and so is she. Transfer-of-equity is presumably the way forward. Newbury Mortgage Services is willing to transfer the full equity in my name (financial checks done). Does my ex need a solicitor?
  • My partner and I jointly own a flat in Timperley . Home loan is with Newbury Mortgage Services. I wish to transfer full ownership to him with no payment of money but without using a lawyer. Is this likely to be simple?
  • What do I need to do when it comes adding or subtracting names (transfer of equity) to or from my Newbury Mortgage Services mortgage account?
  • Can I apply to request more money from Newbury Mortgage Services as part of a Transfer of Equity?
  • In 2013 I bought a property without my partner's name on the ownership paperwork. My lawyer said it is because she is not in the mortgage with Newbury Mortgage Services. I'm wondering is there any way that I can add her name on the documents at HMLR?
  • At what point do I cover the costs of the Stamp Duty Land Tax chargeable for the transfer of equity in my house in my sole name which is happening at the same time as a switching mortgage via Newbury Mortgage Services?

Sample of questions in a lawyer questionnaire concerning a Newbury Mortgage Services Transfer of Equity

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

Please give the name(s) and addresse(s) of anyone who jointly owns the premises with you?

Where you are adding someone on to the property how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

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?

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?

Information to consider in supplemental 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

If your property is 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 violation of your covenants under the lease. This could trigger 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 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 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.

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.


Frequently asked questions relating to Newbury Mortgage Services transfer of equity