Top seven questions relating to Mansfield Building Society transfer of equity

• What is the process for having someone removed off the deeds to a house if the home loan is with Mansfield Building Society
• My friend and I got a joint mortgage with Mansfield Building Society on a house in 2013. I am now thinking of purchasing a house on my own and my friend would like to buy me out. On the basis that we can settle on a price where do we go? Is there likely to be any problem with Mansfield Building Society with him being on the hook for the total mortgage rather than only half of it?
• My former wife are planning to get a conveyancer lined up for a refinance with Mansfield Building Society. Transfer of Equity conveyancing is also requiredI have used the different comparison based websites and the results are from all over UK. How necessary is it to appoint a conveyancer local to us?
• My decree absolute is through as is the consent order. Now I have to address the transfer of equity for the property and the Mansfield Building Society mortgage. I have asked Mansfield Building Society for the transfer of equity forms. What are my next steps?
• Can I apply to borrow more money from Mansfield Building Society as part of a Transfer of Equity?
• Online research suggests that solicitors are more expensive than conveyancers when it comes to transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor if I am transferring equity and simultaneously refinancing with Mansfield Building Society
• I am am in need of a conveyancer to undertake my transfer of equity. Mansfield Building Society are dealing with the remortgage. I considered asking my financial adviser. I am lead to believe he will likely get a kickback for suggesting someone, but also of benefit will be that he knows the conveyancing solicitor, has a working relationship with them. Is my logic misguided?

Questions that your conveyancing solicitor may ask about your Mansfield Building Society Transfer of Equity

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

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 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 landlord. If such conditions are not complied with 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 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 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 varies based on the market value of the property at the conclusion of the transfer of equity conveyancing.

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 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 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.