Common questions relating to Mansfield Building Society transfer of equity

• I am selling my share of a house in Birmingham to the other co-owners fiance, they are sticking with Mansfield Building Society being the the existing mortgage company. We are debating as to who must pay the fees for the transfer of equity. Is this normally split or is one of us obliged to cover the costs of?
• Me and my partner jointly own a property in Friern Barnet . Home loan is with Mansfield Building Society. I wish to transfer full ownership to him with no payment of money but without using a conveyancing solicitor. Do you think this should be easy to so?
• What legal advice do I need when doing a transfer of equity where the home loan is to remain with Mansfield Building Society?
• My wife and myself equally own a BTL. I am a top rate tax payer. Ideally I wish to do a transfer of equity into her name in order mitigate tax on the letting income. Assuming Mansfield Building Society are fine with this the legal fees are inexpensive. What are the implications when we sell? As I would no longer be on the title documents am I giving up my CGT relief.
• Have recently separated from my wife of thirty years. I'm now living with my parents again and she wishes to stay in the flat and pay me off. What percentage am I entitled to. Is it 50% of the equity after paying off the Mansfield Building Society home loan? I assume proper valuations are necessary but I really need ensure that I'm getting what I am entitled to
• How and when do I incur the Stamp Duty Land Tax due for the transfer of equity in my property in my name alone which is taking place at the same time as a remortgage via Mansfield Building Society?
• Having been a number of years estranged I have opted to relinquish up my interest in our house to my husband who is refinancing with Mansfield Building Society. Can a transfer of equity be completed inside four weeks?

Examples of questions in a conveyancing solicitor form concerning a Mansfield Building Society Transfer of Equity

Caveats to be read in conjunction with 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 premises

Should the tenure of your property be leasehold, provisions in the lease may require 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.

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 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 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 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 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 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.