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Are you in need of a Transfer of Equity with a Newbury Mortgage Services Ltd mortgage? Failing to check that a lawyer is on the Newbury Mortgage Services Ltd list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Frequently asked questions relating to Newbury Mortgage Services transfer of equity

  • Do I need legal advice when doing a transfer of equity where the mortgage is to remain with Newbury Mortgage Services?
  • I am planning on removing a name from a joint mortgage and the Newbury Mortgage Services need me to use a conveyancing solicitor to carry out the conveyancing. Can you recommend a reasonably priced Witham lawyer to deal with the transfer of equity? They need to be on the Newbury Mortgage Services conveyancing panel.
  • My decree absolute has gone through as is the consent order. Now I must address the transfer of equity on title deeds and the Newbury Mortgage Services home loan. I have contacted Newbury Mortgage Services for the transfer of equity forms. What are my next steps?
  • Newbury Mortgage Services yesterday agreed I can take over the mortgage on the house. I had applied for a transfer of equity but is this a transfer of ownership of the house as well?
  • I understand we would need at least AP1 and Transfer Deed. Is this true?
  • My wife and I jointly own a BTL. I am a higher rate tax payer. Ideally I would like to complete a transfer of equity into her name in order reduce our tax on rental income. Assuming Newbury Mortgage Services are happy with this the legal fees are inexpensive. However what happens when we sell? Would my GGT relief be lost.
  • I am thinking of refinancing my home in Witham does my lawyer need to be on the Newbury Mortgage Services Solicitor panel. The conveyancing also involves a transfer of equity.

Information that may be required from your conveyancing solicitor may ask regarding your Newbury Mortgage Services Transfer of Equity

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

Please provide the details of anyone to be extracted from the property title?

Is the transfer of equity subject to a court order? If yes please supply a copy

Is it the case that one of the registered owners passed away? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..

Would you like us to draw up a Declaration of Trust. If so are you happy to incur the further fee (beyond the Transfer of Equity fee)?

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?

Caveats to be read in supporting the above Newbury Mortgage Services transfer of equity Advice :

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 properties

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 freeholder. If such conditions are not complied with you may be in violation of the lease. This could trigger the freeholder taking enforcement action against you.

Indemnity Insurance

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 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 is dependent on the market value of the property at the time of completion of the transfer of equity transaction.
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 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 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.


Frequently asked questions relating to Newbury Mortgage Services transfer of equity