Top seven questions relating to Manchester Building Society transfer of equity

• My former husband are planning to get a conveyancing solicitor lined up for a remortgage with Manchester Building Society. Transfer of Equity conveyancing is also neededI have used the different comparison based services and the results are from all over the country. How necessary is it to appoint a lawyer local to us?
• I am planning on removing a name from a joint mortgage and the Manchester Building Society require me to use a conveyancing solicitor to carry out the conveyancing. Can you recommend a reasonably priced Wakefield conveyancer to deal with the transfer of equity? They need to be on the Manchester Building Society conveyancing panel.
• How do I go about adding or removing names (transfer of equity) to or from my Manchester Building Society mortgage account?
• What if my application doesn't meet Manchester Building Society lending criteria for a transfer of equity?
• What should I be budgeting for when it comes to what legal costs are for a transfer of equity? I'm in the process of remortgaging - new loan with Manchester Building Society - and have been quoted £250 excluding VAT by Manchester Building Society's appointed conveyancer, Is this a reasonable price?
• Taking into account that we have been a number of years separated I have made the decision to relinquish up my interest in our flat to my husband who is refinancing with Manchester Building Society. Can a transfer of equity be completed in less than one month?
• I already have a home loan with Manchester Building Society and am keeping my current mortgaging but seeking to have have the equity transferred to my sole name so my ex will come off the mortgage. How long does the whole transfer of equity process take?

Information that may be required from your conveyancing solicitor could ask in relation to your Manchester Building Society Transfer of Equity

General Advice to read in in addition to the above Manchester 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 Manchester 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 have a license to do so from the landlord. If such terms are not adhered to 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 pursuant to 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 Manchester 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 Manchester 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 market value of the property at finalisation of the transfer of equity conveyancing.

Preparing the Transfer of Equity with a Manchester 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 Manchester 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 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.