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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.

Frequently asked questions relating to Mansfield Building Society transfer of equity

  • I acquired a flat with a friend in 2010 Since then, we have both got married. We are now looking to do a transfer of equity so my name is taken off the Mansfield Building Society mortgage. There is a significant difference between the value the Mansfield Building Society say and what the property would sell for currently. Can you offer any advice?
  • Me and my partner co-own a flat in Littleborough . 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 conveyancer. Is this likely to be simple?
  • Will I incur any fees for a Transfer of Equity where the current mortgage is with Mansfield Building Society?
  • My -ex-husband and I are are seeking to find an affordable conveyancing lawyer to assist in a transfer of equity and refinance with Mansfield Building Society. I want to avoid being ripped off but with many conveyancing solicitors who do transfer of equity conveyancing out there...who's the best?
  • How much the typical legal charges are for a transfer of equity? I'm in the process of remortgaging - moving over to Mansfield Building Society - and have been quoted £250 including VAT by Mansfield Building Society's appointed conveyancer, Is this a reasonable price?
  • Having been a number of years estranged I have opted to give up my share of the former home to my husband who is re-mortgaging with Mansfield Building Society. Can a transfer of equity be completed in less than four weeks?
  • What is the process for having someone removed from the deeds to a house where the home loan is with Mansfield Building Society

Questions that your lawyer could ask about your Mansfield Building Society Transfer of Equity

Would you like us to draft you Declaration of Trust. If so are you happy to pay for the further fee (beyond the Transfer of Equity fee)?

Has one of the registered owners passed away? If so please forward us with a copy of the Death Certificate, Probate and a copy of the Will.

Please provide the details of anyone to be removed from the title deeds?

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?

Where you are adding someone on to the property how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

Has consent been obtained from Mansfield Building Society to the proposed transfer of equity?

General Advice to read in in addition to 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 titles

Should the tenure of your property be leasehold, provisions in 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 restrictions are not strictly observed 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 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 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.

Content 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.


Frequently asked questions relating to Mansfield Building Society transfer of equity