Examples of recent questions relating to Mansfield Building Society transfer of equity
- I am completing a Mansfield Building Society transfer of equity request and have arrived at the part that asks about debts etc. There are some debts that I have been paying off for a number of years, I understand that they have long since disappeared from my credit records. Must I set these out?
- I am in the process of removing a name from a joint mortgage and the Mansfield Building Society require me to use a lawyer to carry out the legalities. Can you recommend a reasonably priced Winchelsea
lawyer to deal with the transfer of equity? They need to be on the Mansfield Building Society conveyancing panel.
- My current mortgage is with Mansfield Building Society. Can I transfer equity to someone less than eighteen years old?
- My mum passed away half a year ago leaving a unencumbered house to me and my half brother equally. He has always lived in the premises, there was a condition in the will specifying that the housecould not be sold for 2 years following her passing so he could remain there for a specified time frame. He now wishes to remain in the property beyond the specified period. We have considered a transfer of equity. Would I be right in thinking that we'd get a valuation then he'd get a home loan in the traditional way to purchase my equity?
- Is it sensible to cancel my mortgage payments with Mansfield Building Society once a date for my remortgage and transfer of equity has been agreed?
- Have recently separated from my partner of 18 years. I'm now back with my parents again and she wishes to stay in the apartment and buy me out. What portion do I get. Is it half of the equity after paying off the mortgage with Mansfield Building Society? I assume proper valuations are necessary but I would like ensure that I'm getting I am not being taken advantage of
- My partner and I co-own a property in Witham
. Home loan is with Mansfield Building Society. I wish to transfer full ownership to him with no payment of money but without using a lawyer. Do you think this should be easy to so?
Information that may be required from your conveyancer is likely to ask about your Mansfield Building Society Transfer of Equity
Please let us know of you wish us to prepare Declaration of Trust. If so are you willing to incur the further fee (beyond the Transfer of Equity fee)?
Has one of the registered proprietors died? If so please forward us with a copy of the Death Certificate, Probate and a copy of the Will.
Can you provide the details of anyone who jointly owns the property with you?
Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?
Have you approached Mansfield Building Society to seek consent to the Transfer of Equity
Please list all persons who occupy the property, their respective ages and relationships to you.
Caveats to be read in supporting the above Mansfield 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 Mansfield Building Society conveyancing panel and accountant before transferring equity.
Transfer of Equity Conveyancing for Leasehold premises
If your property is leasehold, 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 strictly observed you may be in breach of your covenants under the lease. This could potentially result in the freeholder taking enforcement action against you.
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 lawyer will check with Mansfield 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 Mansfield 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 market value of the property at the time of completion of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Mansfield Building Society.
Preparing the Transfer of Equity with a Mansfield 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 Mansfield 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.
Content 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.