Common questions relating to Mansfield Building Society transfer of equity
- My ex are planning to get a lawyer in place for a remortgage with Mansfield Building Society. Transfer of Equity conveyancing is also requiredI have used the different rating based tools and the results are from all over UK. Do we need to have a conveyancing solicitor local to us?
- My father died seven months ago leaving a unencumbered property to me and my brother 50:50. He has always lived in the property, there was a condition in her will specifying that the housecould not be sold for 24 months after her passing so he could continue to live there for a while. He now wants to remain in the property beyond the specified period. We have considered a transfer of equity. Am I right in saying we should get a valuation then he'd get a mortgage in the traditional way to acquire my share?
- My decree absolute has gone through as is the consent order. Now I have to sort out the transfer of equity at the HMLR and the Mansfield Building Society mortgage. I have called Mansfield Building Society for the transfer of equity application. What happens next?
- I currently have a joint Mansfield Building Society mortgage with my brother and am investigating the possibility of him taking on the whole mortgage and subtracting myself from it, so as to enable me to purchase a property with my fiance. The outstanding mortgage is approx 300k, and the property value is about 500k. Is this a transfer of equity? Is stamp duty due?
- Have recently separated from my ex of twenty years. I'm now living with my parents again and she wishes to stay in the property and pay me off. What percentage do I get. Is it 50% of the equity after discharging the Mansfield Building Society home loan? I assume proper valuations are necessary but I really need to be confident that I'm getting I am not being walked over
- Will I have to pay any charges for a Transfer of Equity where the current home loan is with Mansfield Building Society?
- Me and my partner jointly own a house in Wakefield
. Home loan is with Mansfield Building Society. I would like to transfer full ownership to him with no passing of money but without using a conveyancing solicitor. Do you think this should be straightforward?
Questions that your lawyer could ask regarding your Mansfield Building Society Transfer of Equity
Who will be responsible for the costs of the Transfer of Equity?
Please provide a copy of your National Insurance Number?
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?
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 provide the details of anyone to be extracted from the title deeds?
Please give the name(s) and addresse(s) of anyone to be added to the property title?
Important warnings to consider in conjunction with the above Mansfield Building Society transfer of equity Advice :
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 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 terms are not adhered to you may be in breach of the lease. This could trigger 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 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.
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 conveyancing solicitor 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.