Manchester Building Society transfer of equity example support desk enquires
- Can I apply to request a further advance from Manchester Building Society as part of a Transfer of Equity?
- My mum passed away early last year leaving a unencumbered house to me and my half brother 50:50. Having continues to reside at the house, there was a provision in her will saying the propertycould not be sold for three years following her passing so he could remain there for a while. He now wishes to remain in the premises beyond the specified period. We have considered a transfer of equity. Am I right in saying we'd get a valuation then he'd get a mortgage in the usual way to acquire my share?
- I already have a home loan with Manchester Building Society and am retaining my existing mortgaging but wish to have have the equity transferred to my name alone so my ex won't be on it any longer. How long do Manchester Building Society take to deal with the application?
- What do I do if I am not happy with the lawyer who undertook my transfer of equity conveyancing?
- Law month I separated from my partner of 18 years. I'm now back with my parents again and she wishes to stay in the flat and pay me off. What percentage do I get. Is it 50% of the equity after redeeming the mortgage with Manchester Building Society? I assume proper valuations are necessary but I really need ensure that I'm getting what I am entitled to
- What should I be budgeting for when it comes to what solicitors fees are for a transfer of equity? I need to transfer equity and remortgage - new loan with Manchester Building Society - and have been quoted Three Hundred pounds including VAT by Manchester Building Society's appointed lawyer, Have I been over quoted?
- My Manchester Building Society home loan is in joint names with ex, he has agreed to come off the mortgage and let me have the property. Manchester Building Society have consented to the transfer of equity to me solely. Do Manchester Building Society contact my boss to check my salary?
Information that may be required from your conveyancing solicitor may ask in relation to your Manchester Building Society Transfer of Equity
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.
Is it the case that one of the registered owners passed away? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..
Has consent been obtained from Manchester Building Society to the proposed transfer of equity?
Who will be responsible for the costs of the Transfer of Equity?
We need you to provide the National Insurance Number(s) of all the new owners (required for submission of the SDLT Form)
Important warnings to consider in further to the above Manchester Building Society transfer of equity Questions and Answers :
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 Manchester Building Society conveyancing panel and accountant before transferring equity.
Transfer of Equity Conveyancing for Leasehold titles
If your property is leasehold, 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 your covenants under the lease. This could trigger the freeholder taking enforcement action against you.
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 varies based on the valuation of the property at finalisation of the transfer of equity conveyancing.
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 lawyer 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 lawyer 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 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.