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Are you in need of a Transfer of Equity with a Newcastle Building Society mortgage? Failing to check that a lawyer is on the Newcastle Building Society 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.

Newcastle Building Society transfer of equity: q and a’s

  • Me and my former partner and I are in the market for an affordable conveyancing lawyer to assist in a transfer of equity and remortgage with Newcastle Building Society. I am aware of the chance of getting ripped off but with lots of conveyancing organisations who do transfer of equity conveyancing to pick from...who do I opt for?
  • My Newcastle Building Society mortgage we jointly entered into with ex, who has agreed to come off the deeds and put the house in my name alone. Newcastle Building Society have consented to the transfer of equity to me solely. Do Newcastle Building Society call my employer to verify my salary?
  • Is it possible to apply to borrow more money from Newcastle Building Society as part of a Transfer of Equity?
  • My financial adviser has recommended their conveyancing solicitor for my Transfer of Equity plus remortgage with Newcastle Building Society - Is it not simpler better to just instruct them?
  • Is there such a thing a transfer of equity stamp duty calculator?
  • I already have a mortgage with Newcastle Building Society and am maintaining my existing mortgaging but seeking to have it in my sole name so my ex will be removed from the mortgage. How long can it take for the application to be processed?
  • I am selling my equity in house in Warwick to my co-owners husband, they are sticking with Newcastle Building Society being the the existing mortgage company. We are debating as to who should pay the charges for the transfer of equity. Is this normally split or is one party obliged to cover the costs of?

Examples of information requested in a conveyancing solicitor form concerning a Newcastle Building Society Transfer of Equity

Can you give the details of anyone who jointly owns the premises with you?

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

If are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?

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

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?

General Advice to read in further to the above Newcastle Building Society 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 Newcastle Building Society 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 require that you have a license to do so from the freeholder. If such terms are not adhered to 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 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 Newcastle Building Society 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 Newcastle Building Society 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 conveyancing.
If you do not keep up the payments on your mortgage with Newcastle Building Society your property may be repossessed.

Preparing the Transfer of Equity with a Newcastle Building Society 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 Newcastle Building Society 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 provided 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 Newcastle Building Society transfer of equity