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Manchester Building Society

Recently asked questions relating to Manchester Building Society transfer of equity

  • What are the average legal fees are for a transfer of equity? I need to transfer equity and remortgage - moving over to Manchester Building Society - and have been quoted £350 including VAT by Manchester Building Society's approved conveyancing solicitor, Have I been over quoted?
  • What if my application doesn't meet Manchester Building Society lending criteria for a transfer of equity?
  • Will I incur any charges for a Transfer of Equity where the current mortgage is with Manchester Building Society?
  • My existing home loan is with Manchester Building Society. Can I transfer equity to someone under 18 years old?
  • My ex are seeking to get a conveyancing solicitor in place for a new mortgage with Manchester Building Society. Transfer of Equity conveyancing is also necessaryI have used the different comparison based websites and the results are from all over the country. Do we need to have a conveyancing solicitor local to us?
  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with Manchester Building Society?
  • I recently bought a flat without my partner's name on the title documents. My lawyer claimed it is because she was not in the mortgage with Manchester Building Society. I'm wondering is there any way that I can put her name on the title?

Sample of information requested in a conveyancer questionnaire relating to Manchester Building Society Transfer of Equity

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

Would you like us to draft you Declaration of Trust. If so are you willing to incur the further fee (beyond the Transfer of Equity fee)?

If are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

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

Please provide the name(s) and addresse(s) of anyone to be added to the title deeds?

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

Information to consider in further to the above Manchester Building Society transfer of equity Info :

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

Should the tenure of your property be leasehold, provisions in the lease may require that you obtain the consent of the landlord. If such conditions are not complied with you may be in violation of 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 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 time of completion of the transfer of equity transaction.
If you do not keep up the payments on your mortgage with Manchester Building Society your property may be repossessed.

Preparing the Transfer of Equity with a Manchester Building Society Mortgage

When it comes to preparing the the Land Registry documents your conveyancing solicitor 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 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.


Frequently asked questions relating to Manchester Building Society transfer of equity