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Mansfield Building Society

Sample questions relating to Mansfield Building Society transfer of equity

  • What is the process for having someone removed from the title documents to a house where the home loan is with Mansfield Building Society
  • My former wife are planning to get a conveyancer lined up for a remortgage with Mansfield Building Society. Transfer of Equity conveyancing is also requiredI have used the different rating based services and the results are from all over UK. Is it important to appoint a lawyer local to us?
  • Our mortgage broker has recommended their conveyancing solicitor for the Transfer of Equity plus remortgage with Mansfield Building Society - Surely it’s easier to just instruct them?
  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with Mansfield Building Society?
  • Do I need legal advice when doing a transfer of equity where the mortgage is to remain with Mansfield Building Society?
  • My existing mortgage is with Mansfield Building Society. Can I transfer equity to someone under 18 years old?
  • When it comes to transfer of equity conveyancing involving refinance with Mansfield Building Society 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

Sample of information requested in a conveyancer form relating to Mansfield Building Society Transfer of Equity

We need you to provide the National Insurance Number(s) of all the new owners (required for completion of the SDLT Form)

Please give the details of those who jointly own the property with you?

Please clarify if you are making any payment for the Transfer of Equity and to whom and give details of any such sums?

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

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

Please provide the details of anyone to be added to the title deeds?

Important warnings to consider in in addition to the above Mansfield 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 Mansfield Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

If your property is leasehold, provisions in the lease may require that you have a license to do so from the landlord. If such terms are not adhered to 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 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 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 finalisation of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with Mansfield Building Society your property may be repossessed.

Preparing the Transfer of Equity with a Mansfield 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 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.

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 Mansfield Building Society transfer of equity