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.

Top seven questions relating to Mansfield Building Society transfer of equity

  • I own a apartment in Littleborough , with a Mansfield Building Society mortgage with my ex husband. He and his fiance are going to buy me out. We had the go ahead from Mansfield Building Society to remove my name with hers. The transfer of equity needs to be completed by a lawyer for Mansfield Building Society (supposedly). In order to save fees can I do the Land Registry change?
  • I understand we would need at least AP1 and Transfer Deed. Is this true?
  • I got divorced in 2011. For some reason I never got around to change the ownership from both our names to my name alone. 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 property and loan in my name (affordability checks done). Does my ex need a lawyer?
  • Mansfield Building Society have today agreed I can take over the mortgage on the flat. I have applied for a transfer of equity but presumably there is a transfer of ownership at the Land Registry on top?
  • Will I have to pay any fees for a Transfer of Equity where the current mortgage is with Mansfield Building Society?
  • Me and my partner jointly own a flat in Ampthill . Mortgage is with Mansfield Building Society. I would like to transfer full ownership to him with no exchange of money but without using a conveyancer. Do you think this should be easy to so?
  • How much the typical conveyancing costs are for a transfer of equity? I'm in the process of remortgaging - moving over to Mansfield Building Society - and have been quoted Three Hundred pounds excluding VAT by Mansfield Building Society's approved conveyancer, Have I been over quoted?

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

If you are adding a person on to the property 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?

Will there be any payment between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive what amounts

Please give the name(s) and addresse(s) of anyone to be extracted from the property title?

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

Is it the case that one of the registered owners died? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..

Important warnings to consider in further to 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

If your property is leasehold, the lease may require that you have a license to do so from the freeholder. If such conditions 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 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 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 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 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.


Frequently asked questions relating to Mansfield Building Society transfer of equity