Sample questions relating to Manchester Building Society transfer of equity

• Law week I separated from my ex of twenty years. I'm now back with my mum and dad and she wishes to remain in the flat and pay me off. What percentage am I entitled to. Is it 50% of the equity after discharging the mortgage with Manchester Building Society? I assume proper valuations are necessary but I really need to be confident that I'm getting the best deal
• I acquired a flat with my cousin in 2008 Since then, we have both got married. We are now intending to do a transfer of equity so my name is taken off the Manchester Building Society mortgage. There is a meaningful difference between the value the lender hold and what the property would sell for currently. Can you offer any advice?
• Is there such a thing a transfer of equity stamp duty calculator?
• My fiance and I equally own a BTL. I am a higher rate tax payer. Preferably I wish to do a transfer of equity into her name to mitigate tax on rental income. Assuming Manchester Building Society are fine with this the legal fees are not prohibitive. What are the implications when we dispose of the property? Would my GGT relief be lost.
• I am completing a Manchester Building Society transfer of equity request and have come to the part concerning debts etc. I do some debts that I have been reducing over a long period, in fact they have long since disappeared from my credit score. Must I set these out?
• I own a flat in Romsey , with a Manchester Building Society mortgage with my former husband. Him and his fiance are going to acquire my share. We had consent from Manchester Building Society to remove my name with hers. The transfer of equity needs to be completed by a lawyer for Manchester Building Society (supposedly). In order to save fees can I deal with the Land Registry formalities?
• Taking into account that we have been four years estranged I have opted to transfer my share of our house to my husband who is refinancing with Manchester Building Society. Could this transfer of equity be completed in less than one month?

Sample of information requested in a conveyancer form relating to Manchester Building Society Transfer of Equity

General Advice to read in supporting the above Manchester 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 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, the lease may require that you obtain the consent of the freeholder. If such conditions are not complied with 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 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 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 valuation of the property at finalisation of the transfer of equity transaction.

Preparing the Transfer of Equity with a Manchester 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 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 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 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.