LenderPanel.com

Find a Law Firm approved by
Mansfield Building Society

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.

Common questions relating to Mansfield Building Society transfer of equity

  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with Mansfield Building Society?
  • I got my Decree Absolute in 2012. For some reason I never dealt with the change the ownership from the current 'joint' status to my sole name. I now plan to deal with it and there are no objections. Transfer-of-equity is needed. Mansfield Building Society is willing to transfer the full equity in my name (financial checks done). Does she need any legal representation?
  • Me and a friend got a joint mortgage with Mansfield Building Society on a house a couple of years ago. I am now thinking of buying a house by myself and my friend would like to buy me out. On the basis that we can settle on a price where do we go? Would there be any potential concerns with Mansfield Building Society with him being solely liable for the total mortgage as opposed to only part of it?
  • My partner and myself equally own a buy to let. I am a higher rate tax payer. Preferably I wish to do a transfer of equity into her name in order mitigate tax on the letting income. If Mansfield Building Society are content with this the legal fees are not prohibitive. However what happens when we sell? Would my GGT relief be lost.
  • Have recently split up with my ex of thirty years. I'm now back with my parents again and she wants to remain in the flat and buy me out. What percentage do I get. Is it 50% of the equity after discharging the mortgage with Mansfield Building Society? I assume proper valuations are necessary but I really need to be sure that I'm getting what I am entitled to
  • Is it possible to transfer the equity held in my property with my Mansfield Building Society home loan?
  • Will I have to pay any charges for a Transfer of Equity where the current mortgage is with Mansfield Building Society?

Questions that your conveyancing solicitor may ask regarding your Mansfield Building Society Transfer of Equity

Has one of the registered owners died? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been completed?

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

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

If you are adding someone on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

Who will be responsible for the costs of the Transfer of Equity?

General Advice to read in conjunction with the above Mansfield Building Society transfer of equity Advice :

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

Should the tenure of your property be 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 strictly observed 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 pursuant to 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 is dependent on the valuation of the property at the conclusion of the transfer of equity conveyancing.
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.


Frequently asked questions relating to Mansfield Building Society transfer of equity