Questions and answers: Mansfield Building Society transfer of equity

• I am considering remortgaging my house in Winchelsea does my lawyer need to be on the Mansfield Building Society Solicitor panel. The conveyancing also involves a transfer of equity.
• I recently bought a house without my partner's name on the ownership paperwork. My conveyancing solicitor advised it is because she was not in the mortgage with Mansfield Building Society. Is it possible for me to add her name on the deeds?
• Will I have to pay any charges for a Transfer of Equity where the existing mortgage is with Mansfield Building Society?
• I bought a flat with my brother in 2008 Since buying the property, we have both got married. We are now looking to do a transfer of equity so my name comes off the Mansfield Building Society mortgage. There is a 30k difference between the value the Mansfield Building Society hold and what the property would sell for currently. Can you offer any advice?
• Is stamp duty payable when it comes to an transfer of equity with a mortgage with Mansfield Building Society?
• Me and my partner co-own a flat in Rye . Mortgage is with Mansfield Building Society. I would like to transfer full ownership to him with no passing of money but without using a lawyer. Is this likely to be straightforward?
• I am planning on removing a name from a joint mortgage and the Mansfield Building Society require me to use a conveyancing solicitor to carry out the paperwork. Can you recommend a reasonably priced Romsey conveyancer to deal with the transfer of equity? They need to be on the Mansfield Building Society conveyancing panel.

Examples of information requested in a lawyer questionnaire concerning a Mansfield Building Society Transfer of Equity

General Advice to read in supplemental 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 premises

If your property is leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in breach 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 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 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 time of completion of the transfer of equity transaction.

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 conveyancing solicitor should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Information contained within 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.