LenderPanel.com

Find a Law Firm for your Transfer of Equity approved by
Manchester Building Society

Top seven questions relating to Manchester Building Society transfer of equity

  • Two years ago I bought a house without my wife's name on the title documents. My conveyancer claimed it is because she is not in the loan offer with Manchester Building Society. Is it possible for me to add her name on the deeds?
  • Is it sensible to cancel the direct debit for my mortgage with Manchester Building Society once a date for my remortgage and transfer of equity has been agreed?
  • I am in the market for an affordable conveyancing lawyer to assist in a transfer of equity and refinance with Manchester Building Society. I want to avoid being ripped off and there are various conveyancing firms who do transfer of equity conveyancing out there...how do I know which one is best select?
  • What can I do where I am unhappy with the conveyancing solicitor who handled my transfer of equity transaction?
  • I am disposing of my share of a property in Birmingham to the other co-owners fiance, they are reapplying to Manchester Building Society. We are haggling as to who should pay the costs of the transfer of equity. Should this be shared or is one party liable for the legal bill?
  • I purchased a house with a friend six years ago Since buying the property, we have both got married. We are now seeking to do a transfer of equity so my name is removed the Manchester Building Society mortgage. There is a 40k difference between the value the mortgage company hold and what the property would sell for currently. Can you offer any advice?
  • Manchester Building Society have just agreed I can take over the home loan on the flat. I have applied for a transfer of equity but presumably there is a transfer of ownership at HMLR on top?

Examples of information requested in a conveyancer form relating to Manchester Building Society Transfer of Equity

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

Have you approached Manchester Building Society to obtain consent to the Transfer of Equity

Please provide the details of anyone to be extracted from the property title?

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

If are intent on holding 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 give the details of anyone to be added to the title deeds?

Caveats to be read in conjunction with the above Manchester 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 Manchester Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

If your property is leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such terms are not adhered to 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 conveyancing solicitor will check with Manchester 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 Manchester 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Manchester Building Society.

Preparing the Transfer of Equity with a Manchester Building Society 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 Manchester 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 Manchester Building Society transfer of equity