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Newbury Mortgage Services transfer of equity example support desk enquires

  • I am trying to find a lawyer to deal with my transfer of equity. Newbury Mortgage Services have been approached for a refinancing. I thought of asking my financial adviser. I am lead to believe he will likely receive a kickback for recommending someone, but also of benefit will be that he knows the conveyancer, has dealt with them before. Is my logic correct?
  • What legal advice do I need when doing a transfer of equity where the home loan is to remain with Newbury Mortgage Services?
  • My partner and I co-own a property in Winchelsea . Mortgage is with Newbury Mortgage Services. I want to transfer full ownership to him with no payment of money but without using a lawyer. Is this likely to be simple?
  • I already have a home loan with Newbury Mortgage Services and am maintaining my existing mortgaging but seeking to have have the equity transferred to my name alone so my ex won't be on it any longer. How long do Newbury Mortgage Services take to deal with the application?
  • Can you tell me how to have a person removed from the title documents to a property if the mortgage is with Newbury Mortgage Services
  • I am under the impression we would need at least AP1 and Transfer Deed. Is this true?
  • I am completing a Newbury Mortgage Services transfer of equity form and have come to the part that asks about debts etc. There are some debts that I have been paying off over a long period, in fact they have long since disappeared from my credit rating. Do I need to set these out?

Questions that your lawyer could ask in relation to your Newbury Mortgage Services Transfer of Equity

Please let us know of you wish us to draw up a Declaration of Trust. If so are you happy to pay for the further fee (beyond the Transfer of Equity fee)?

Please give the name(s) and addresse(s) of anyone to be added to the property title?

Please list all persons who occupy the property, their respective ages and relationships to you.

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

Please give the details of anyone who jointly owns the property with you?

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

Caveats to be read in supplemental the above Newbury Mortgage Services transfer of equity Questions and Answers :

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 premises

Should the tenure of your property be 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 terms are not adhered to you may be in violation of your covenants under the lease. This could potentially result in 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 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 finalisation 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.

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