Top seven questions relating to Newbury Mortgage Services transfer of equity

• My partner and I co-own a flat in Winchelsea . Mortgage is with Newbury Mortgage Services. I wish to transfer full ownership to him with no passing of money but without using a conveyancer. Is this likely to be straightforward?
• I jointly own a flat in Witham , with a Newbury Mortgage Services loan with my ex partner. Him and his new partner are going to buy me out. We had the go ahead from Newbury Mortgage Services to substitute my name with hers. The transfer of equity needs to be done by a lawyer for Newbury Mortgage Services (supposedly). Can we deal with the Land Registry change?
• I am thinking of refinancing my home in Friern Barnet does my lawyer need to be on the Newbury Mortgage Services Solicitor panel. The conveyancing also involves a transfer of equity.
• When it comes to transfer of equity conveyancing involving a remortgage with Newbury Mortgage Services should I be paying VAT on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
• Is it possible to apply to borrow more money from Newbury Mortgage Services as part of a Transfer of Equity?
• Taking into account that we have been four years estranged I have opted to give up my interest in our house to my husband who is refinancing with Newbury Mortgage Services. Could this transfer of equity be done in less than one month?
• Can you tell me how to have someone removed off the title documents to a house where the mortgage is with Newbury Mortgage Services

Information that may be required from your conveyancing solicitor could ask in relation to your Newbury Mortgage Services Transfer of Equity

Information to consider in supplemental the above Newbury Mortgage Services 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 Newbury Mortgage Services conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

If your property is leasehold, the lease may require that you have a license to do so from the freeholder. If such conditions are not strictly observed you may be in violation 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 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 valuation of the property at the conclusion of the transfer of equity transaction.

Preparing the Transfer of Equity with a Newbury Mortgage Services Mortgage

When it comes to preparing the the Land Registry documents your conveyancer 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 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 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.