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Are you in need of a Transfer of Equity with a Mansfield Building Society mortgage? Failing to check that a lawyer is on the Mansfield Building Society list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Common questions relating to Mansfield Building Society transfer of equity

  • I am answering a Mansfield Building Society transfer of equity application and have arrived at the part concerning debts etc. There are some debts that I have been reducing for a number of years, in fact they have long since disappeared from my credit score. Must I set these out?
  • Law month I separated from my wife of 18 years. I'm now living with my parents again and she wants to remain in the apartment and buy me out. What percentage am I entitled to. Is it half of the equity after discharging the mortgage with Mansfield Building Society? I assume proper valuations are required but I really need ensure that I'm getting the best deal
  • What can I do where I am dissatisfied with the lawyer who did my transfer of equity conveyancing?
  • My divorce is through as is the consent order. Now I need to address the transfer of equity for the property and the Mansfield Building Society home loan. I have asked Mansfield Building Society for the transfer of equity application. What happens next?
  • Can I apply to borrow a further advance from Mansfield Building Society as part of a Transfer of Equity?
  • My ex-wife and I are are looking to find a responsive conveyancing solicitor to help me sell in a transfer of equity and remortgage with Mansfield Building Society. I I am concerned about appointing the wrong one but with so many conveyancing solicitors who do transfer of equity conveyancing out there...how do I know which one is best appoint?
  • What if my application doesn't meet Mansfield Building Society lending criteria for a transfer of equity?

Examples of information requested in a conveyancing solicitor form relating to Mansfield Building Society Transfer of Equity

Will there be any payment between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive what sums

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

Is it the case that one of the registered proprietors died? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..

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

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

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

Important warnings to consider in conjunction with the above Mansfield Building Society transfer of equity Info :

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 properties

If your property is leasehold, provisions in the lease may require that you obtain the consent of the freeholder. 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 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 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 is dependent on the valuation 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 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 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 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.


Frequently asked questions relating to Mansfield Building Society transfer of equity