Top seven questions relating to Mansfield Building Society transfer of equity
- I am under the impression we would need at least AP1 and TR1. Is this true?
- Me and my partner jointly own a flat in Wakefield
. Home loan is with Mansfield Building Society. I want to transfer full ownership to him with no exchange of money but without using a conveyancer. Do you think this should be easy to so?
- I jointly own a house in Sedgefield
, with a Mansfield Building Society loan with my former husband. He and his new partner are going to acquire my share. We had consent from Mansfield Building Society to substitute my name with hers. The transfer of equity needs to be done by a lawyer for Mansfield Building Society (apparently). In order to save fees can I do the Land Registry formalities?
- My dad passed away seven months ago leaving a loan-free bungalow to me and my step brother in equal shared. Having continues to reside at the property, there was a condition in her will saying the propertycould not be sold for 24 months after her death 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'd get a valuation then he'd get a home loan in the usual way to acquire my share?
- When it comes to transfer of equity conveyancing involving a remortgage 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
- Do I need legal advice when doing a transfer of equity where the mortgage is to remain with Mansfield Building Society?
- My ex-wife and I are searching for an affordable conveyancing solicitor to assist in a transfer of equity and refinance with Mansfield Building Society. I I am concerned about being overcharged but with so many conveyancing practices who do transfer of equity conveyancing out there...how do I know which to appoint?
Sample of questions in a conveyancer questionnaire concerning a Mansfield Building Society Transfer of Equity
If you are adding someone on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.
Is it the case that one of the registered owners passed away? If so please provide us with a copy of the Death Certificate, Probate and a copy of the Will.
We need you to supply the National Insurance Number(s) of all the new owners (required for completion of the SDLT Form)
Please give the details of anyone to be removed from the property title?
Please let us know where you are making any payment for the Transfer of Equity and to whom and notify us the amount?
Please give the name(s) and addresse(s) of anyone to be added to the title deeds?
Caveats to be read in further to the above Mansfield Building Society transfer of equity Info :
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 properties
Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such conditions are not complied with you may be in violation of the lease. This could trigger 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 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 market value 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 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.