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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.

Recently asked questions relating to Mansfield Building Society transfer of equity

  • My ex are looking to get a conveyancing solicitor lined up for a new mortgage with Mansfield Building Society. Transfer of Equity conveyancing is also requiredI have used the different comparison based tools and the results are from all over the country. How necessary is it to have a conveyancer local to us?
  • How do I go about adding or removing names (transfer of equity) to or from my Mansfield Building Society mortgage account?
  • What legal advice do I need when doing a transfer of equity where the home loan is to remain with Mansfield Building Society?
  • How and when do I incur stamp duty chargeable for the transfer of equity in my home in my name alone which is taking place simultaneously with a remortgage via Mansfield Building Society?
  • I intend to remortgage my home in Crabtree moving from Lloyds TSB to Mansfield Building Society. The maisonette is currently in joint names but propose for it to be in my name only as and when I switch. My husband has agreed to this and is happy to sign a form but neither of us want to incur lawyer charges.
  • I am answering a Mansfield Building Society transfer of equity form and have arrived at the questions regarding defaults etc. There are some debts that I have been reducing since 2008, I understand that they no longer remain my credit records. Am I obliged to disclose these?
  • What is the process for having a person removed off the title documents to a property where the home loan is with Mansfield Building Society

Questions that your conveyancing solicitor is likely to ask in relation to your Mansfield Building Society Transfer of Equity

Please provide the details of anyone who jointly owns the property with you?

Will there be any consideration monies passing between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive the same

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

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

Please provide a copy of your National Insurance Number?

Please let us know of you wish us to draw up a Declaration of Trust. If so are you happy to pay for the additional fee (beyond the Transfer of Equity fee)?

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

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 titles

Should the tenure of your property be leasehold, the lease may require that you obtain the consent of the freeholder. If such conditions are not strictly observed you may be in violation of your covenants under 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 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.
If you do not keep up the payments on your mortgage with Mansfield Building Society your property may be repossessed.

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 lawyer 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