Newbury Building Society transfer of equity example support desk enquires

• My financial adviser has recommended their lawyer for my Transfer of Equity plus remortgage with Newbury Building Society - won’t it be advisable to just instruct them?
• I jointly own a apartment in Rye , with a Newbury Building Society loan with my ex husband. Him and his new partner are going to buy me out. We had approval from Newbury Building Society to substitute my name with hers. The transfer of equity needs to be completed by a lawyer for Newbury Building Society (supposedly). Is it possible for us to deal with the Land Registry formalities?
• Is there such a thing a transfer of equity stamp duty calculator?
• Can I apply to request more money from Newbury Building Society as part of a Transfer of Equity?
• I bought a property with a friend in 2008 Since then, we have both got married. We are now seeking to do a transfer of equity so my name is removed the Newbury Building Society mortgage. There is a 40k difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
• I currently have a joint Newbury Building Society mortgage with my cousin and am investigating the option of him taking on the outstanding mortgage and removing myself from it, to enable me to purchase somewhere with my soon-to-be-wife. The remaining mortgage is about 250k, and the property value is about 500k. Is this a transfer of equity? Is land tax involved?
• I am answering a Newbury Building Society transfer of equity application and have come to the questions concerning defaults etc. I do some debts that I have been reducing since 2007, I understand that they have long since disappeared from my credit records. Do I need to set these out?

Information that may be required from your lawyer could ask regarding your Newbury Building Society Transfer of Equity

General Advice to read in supplemental the above Newbury Building Society 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 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 have a requirement for notices to be served and that you obtain the consent of the freeholder. If such conditions are not complied with 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 situations, 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 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 Newbury 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 the conclusion of the transfer of equity transaction.

Preparing the Transfer of Equity with a Newbury 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 Newbury 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 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.