Mansfield Building Society transfer of equity: q and a’s

• Having been three years separated I have decided to give up my interest in our flat to my husband who is refinancing with Mansfield Building Society. Could this transfer of equity be completed within four weeks?
• What are my options where I am not happy with the lawyer who conducted our transfer of equity conveyancing?
• I acquired a flat with a friend in 2009 Since then, we have both got married. We are now intending to do a transfer of equity so my name is taken off the Mansfield Building Society mortgage. There is a 40k difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
• My partner and I jointly own a property in Friern Barnet . Home loan is with Mansfield Building Society. I want to transfer full ownership to him with no passing of money but without using a lawyer. Is this likely to be easy to so?
• I am disposing of my equity in property in Warwick to the other co-owners husband, they are sticking with Mansfield Building Society being the the existing mortgage company. We are in heated discussion as to who should cover the fees for the transfer of equity. Should this be split or is one of us obliged to cover the charges for?
• I jointly own a property in Ampthill , with a Mansfield Building Society loan with my former husband. He and his fiance are going to buy me out. We had approval from Mansfield Building Society to remove my name with hers. The transfer of equity needs to be done by a conveyancing solicitor for Mansfield Building Society (apparently). Can we deal with the Land Registry change?
• What are the average conveyancing charges are for a transfer of equity? I'm in the process of remortgaging - moving over to Mansfield Building Society - and have been quoted £250 excluding VAT by Mansfield Building Society's approved conveyancing solicitor, Have I been over quoted?

Information that may be required from your conveyancer could ask about your Mansfield Building Society Transfer of Equity

Important warnings to consider in further 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, 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 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 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 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 valuation of the property at the time of completion of the transfer of equity transaction.

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 lawyer 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 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.