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Questions and answers: Mansfield Building Society transfer of equity

  • I am refinancing my house in Sedgefield does my lawyer have to be on the Mansfield Building Society Solicitor panel. The conveyancing also involves a transfer of equity.
  • I am transferring my share of a apartment in Warwick to my co-owners husband, they are sticking with Mansfield Building Society being the the existing lender. We are debating as to who must cover the fees for the transfer of equity. Should this be split or is one party obliged to cover the costs of?
  • What should I be budgeting for when it comes to what conveyancing fees are for a transfer of equity? I'm in the process of remortgaging - new loan with Mansfield Building Society - and have been quoted £250 plus VAT by Mansfield Building Society's approved lawyer, Have I been over quoted?
  • Two years ago I bought a flat without my partner's name on the title documents. My lawyer advised it is due to the fact that she is not in the mortgage with Mansfield Building Society. I'm wondering is there any way that I can add her name on the title?
  • Me and a friend got a joint mortgage with Mansfield Building Society on a property about a year ago. I am now looking to get a apartment on my own and my friend would like to buy me out. Once we have agreed a price where do we go? Would there be any potential issue with Mansfield Building Society with him being responsible for the total mortgage rather than only half of it?
  • My Mansfield Building Society mortgage is in joint names with ex, he has agreed to be removed and put the house in my name alone. Mansfield Building Society have consented to the transfer of equity to me solely. Do Mansfield Building Society write my boss to check my salary?
  • Mansfield Building Society have today agreed I can take over the home loan on the house. I previously applied for a transfer of equity but is this a transfer of ownership of the title deeds in addition?

Information that may be required from your conveyancer is likely to ask regarding your Mansfield Building Society Transfer of Equity

We need you to provide the National Insurance Number(s) of all the new owners (required for completion of the SDLT Form)

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

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

Has one of the registered proprietors passed away? If so please supply us with a copy of all the relevant documents e.g. the will, death certificate etc..

Have you approached Mansfield Building Society to obtain consent to the Transfer of Equity

Where you are adding a person 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” Form.

Important warnings to consider in in addition to the above Mansfield Building Society transfer of equity information :

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, provisions in the lease may have a requirement for notices to be served and that you have a license to do so from the freeholder. If such terms are not adhered to 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 conveyancer 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 lawyer 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.


Frequently asked questions relating to Mansfield Building Society transfer of equity