Recently asked questions relating to Mansfield Building Society transfer of equity
- My current mortgage is with Mansfield Building Society. Can I transfer equity to someone less than 18 years old?
- My former husband are looking to get a conveyancing solicitor lined up for a remortgage with Mansfield Building Society. Transfer of Equity conveyancing is also requiredI have used the different comparison based services and the results are from all over the country. Is it important to appoint a lawyer local to us?
- I purchased a property with my cousin in 2010 Since purchasing the property, we have both got married. We are now seeking to do a transfer of equity so my name is taken off the Mansfield Building Society mortgage. There is a meaningful difference between the value the mortgage company hold and what the property would sell for currently. Can you offer any advice?
- When it comes to transfer of equity conveyancing involving a remortgage with Mansfield Building Society should I be charged value added tax on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
- My divorce is through as is the consent order. Now I need to deal with the transfer of equity on title deeds and the Mansfield Building Society home loan. I have contacted Mansfield Building Society for the transfer of equity forms. What do I do now?
- Is it sensible to cancel the direct debit for my mortgage with Mansfield Building Society as soon as a date for my remortgage and transfer of equity has been set?
- I am completing a Mansfield Building Society transfer of equity application and have arrived at the questions concerning debts etc. There are some debts that I have been clearing over a long period, I understand that they no longer remain my credit records. Do I need to set these out?
Sample of questions in a conveyancing solicitor questionnaire concerning a Mansfield Building Society Transfer of Equity
Please list all persons who occupy the property, their respective ages and relationships to you.
Please inform us where you are making any payment for the Transfer of Equity and to whom and specify any such sums?
Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been formalised?
Who will be responsible for the costs of the Transfer of Equity?
Can you give the name(s) and addresse(s) of those who jointly own the property with you?
Has consent been obtained from Mansfield Building Society to the proposed transfer of equity?
General Advice to read in supplemental 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 premises
If your property is leasehold, provisions in 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 complied with 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 pursuant to 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 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 time of completion 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 conveyancer 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 conveyancer 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 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.