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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.

Newbury Mortgage Services transfer of equity example support desk enquires

  • Is it sensible to stop the direct debit for my mortgage with Newbury Mortgage Services as soon as a date for my remortgage and transfer of equity has been agreed?
  • How much the typical solicitors charges are for a transfer of equity? I'm in the process of remortgaging - moving over to Newbury Mortgage Services - and have been quoted £350 plus VAT by Newbury Mortgage Services's approved lawyer, Have I been over quoted?
  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with Newbury Mortgage Services?
  • My existing mortgage is with Newbury Mortgage Services. Can I transfer equity to someone less than 18 years old?
  • Newbury Mortgage Services have today agreed I can take over the mortgage on the flat. I had applied for a transfer of equity but presumably there is a transfer of ownership at the Land Registry in addition?
  • What if my application doesn't meet Newbury Mortgage Services lending criteria for a transfer of equity?
  • I am remortgaging my apartment in Dunnington does my lawyer need to be on the Newbury Mortgage Services Solicitor panel. The conveyancing also involves a transfer of equity.

Questions that your conveyancing solicitor may ask regarding your Newbury Mortgage Services Transfer of Equity

Can you provide the name(s) and addresse(s) of those who jointly own the property with you?

If 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” Form.

Please provide the name(s) and addresse(s) of anyone to be extracted from the property title?

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

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

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

Caveats to be read in supplemental 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 properties

If your property is leasehold, the lease may require that you obtain the consent of the landlord. If such conditions are not strictly observed you may be in breach 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 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 lawyer 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 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 lawyer 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 lawyer 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