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Newcastle Building Society

Frequently asked questions relating to Newcastle Building Society transfer of equity

  • Given that we have been three years apart I have opted to relinquish up my interest in our property to my husband who is re-mortgaging with Newcastle Building Society. Could this transfer of equity be completed within 28 days?
  • My former wife are planning to get a lawyer lined up for a remortgage with Newcastle Building Society. Transfer of Equity conveyancing is also necessaryI have used the different rating based tools and the results are from all over England and Wales. Is it important to appoint a conveyancing solicitor local to us?
  • When it comes to transfer of equity conveyancing involving a remortgage with Newcastle Building Society should I be paying value added tax on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • What are the average conveyancing fees are for a transfer of equity? I'm in the process of remortgaging - new loan with Newcastle Building Society - and have been quoted Three Hundred pounds including VAT by Newcastle Building Society's approved conveyancer, Have I been over quoted?
  • How do I go about adding or subtracting names (transfer of equity) to or from my Newcastle Building Society mortgage account?
  • I jointly own a apartment in Rye , with a Newcastle Building Society mortgage with my ex husband. Him and his fiance are going to buy me out. We had approval from Newcastle Building Society to replace my name with hers. The transfer of equity needs to be done by a conveyancer for Newcastle Building Society (apparently). Is it possible for us to deal with the Land Registry formalities?
  • What can I do where I am not happy with the conveyancing solicitor who carried out my transfer of equity transaction?

Examples of questions in a lawyer form concerning a Newcastle Building Society Transfer of Equity

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

Please provide the details of anyone to be removed from the title deeds?

We need you to supply the National Insurance Number(s) of all the new owners (required for submission of the Stamp Duty Land Tax Form)

Where you are adding someone on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

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

Would you like us to prepare Declaration of Trust. If so are you happy to pay for the further fee (beyond the Transfer of Equity fee)?

General Advice to read in in addition to the above Newcastle Building Society transfer of equity Advice :

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 properties

Should the tenure of your property be 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 conditions are not complied with 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 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 conveyancer 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 varies based on the valuation of the property at finalisation of the transfer of equity transaction.
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 lawyer 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 conveyancer 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 Newcastle Building Society transfer of equity