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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.

Common questions relating to Newbury Mortgage Services transfer of equity

  • My dad passed away half a year ago leaving a unencumbered bungalow to me and my step brother in equal shared. He has always lived in the property, there was a condition in her will specifying that the premisescould not be sold for 2 years after her passing so he could remain there for a specified time frame. He now says he would like to remain in the house beyond the specified period. We have discussed a transfer of equity. Would I be right in thinking that we'd get a valuation then he'd get a home loan in the conventional way to purchase my share?
  • What if my application doesn't meet Newbury Mortgage Services lending criteria for a transfer of equity?
  • Me and my partner co-own a house in Heathfield . Mortgage is with Newbury Mortgage Services. I wish to transfer full ownership to him with no exchange of money but without using a lawyer. Is this likely to be easy to so?
  • I jointly own a property in Blaenavon , with a Newbury Mortgage Services mortgage 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 substitute my name with hers. The transfer of equity needs to be done by a lawyer for Newbury Mortgage Services (supposedly). Can we deal with the Land Registry change?
  • What is the process for adding or subtracting names (transfer of equity) to or from my Newbury Mortgage Services mortgage account?
  • What can I do where I am unhappy with the conveyancing solicitor who conducted our transfer of equity conveyancing?
  • Will I incur any charges for a Transfer of Equity where the current mortgage is with Newbury Mortgage Services?

Sample of information requested in a lawyer form concerning a Newbury Mortgage Services Transfer of Equity

Please confirm where you are making any payment for the Transfer of Equity and to whom and notify us the amount?

Would you like us to draft you Declaration of Trust. If so are you happy to incur the additional fee (beyond the Transfer of Equity fee)?

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

Has one of the registered owners died? If so please supply us with a copy of the Death Certificate, Probate and a copy of the Will.

Who will be responsible for the costs of the Transfer of Equity?

Please provide a copy of your National Insurance Number?

Information to consider in supplemental the above Newbury Mortgage Services transfer of equity Info :

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, provisions in the lease may have a requirement for notices to be served and that you have a license to do so from the freeholder. 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.

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 valuation 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 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 contained within 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