LenderPanel.com

Find a Law Firm approved by
Platform Home Loans

Are you in need of a Transfer of Equity with a Platform Home Loans Ltd mortgage? Failing to check that a lawyer is on the Platform Home Loans Ltd 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.

Examples of recent questions relating to Platform transfer of equity

  • I am remortgaging my house in Witham does my lawyer need to be on the Platform Solicitor panel. The conveyancing also involves a transfer of equity.
  • Is it possible to transfer the equity held in my property with my Platform home loan?
  • I already have a mortgage with Platform and am retaining my current mortgaging but wish to have have the equity transferred to my name alone so my former husband won't be on it any longer. How long does the whole transfer of equity process take?
  • Platform have today agreed I can take over the home loan on the house. I previously applied for a transfer of equity but presumably there is a transfer of ownership at the Land Registry on top?
  • I jointly own a property in Witham , with a Platform mortgage with my ex husband. He and his fiance are going to buy me out. We had approval from Platform to replace my name with hers. The transfer of equity needs to be done by a lawyer for Platform (supposedly). In order to save fees can I do the Land Registry formalities?
  • I acquired a property with a friend in 2008 Since then, we have both got married. We are now seeking to do a transfer of equity so my name is taken off the Platform mortgage. There is a significant difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
  • What do I need to do when it comes adding or subtracting names (transfer of equity) to or from my Platform mortgage account?

Questions that your lawyer is likely to ask in relation to your Platform Transfer of Equity

Has consent been obtained from Platform to the proposed transfer of equity?

Who will be responsible for the costs of the Transfer of Equity?

Is it the case that one of the registered owners died? If so please provide us with a copy of the Death Certificate, Probate and a copy of the Will.

Please list all persons who occupy the property, their respective ages and relationships to you.

Would you like us to prepare Declaration of Trust. If so are you willing to incur the additional fee (beyond the Transfer of Equity fee)?

If you are adding a person on to the title deeds how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

Important warnings to consider in further to the above Platform transfer of equity information :

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 Platform conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

If your property is leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such restrictions are not strictly observed you may be in breach of your covenants under 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 Platform 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 Platform 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 finalisation of the transfer of equity transaction.
If you do not keep up the payments on your mortgage with Platform your property may be repossessed.

Preparing the Transfer of Equity with a Platform Mortgage

When it comes to preparing the the Land Registry documents your conveyancing solicitor should in the ‘consideration’ panel choose the first option, if consideration is given; otherwise ignore the consideration panel altogether.

If Platform 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 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.


Frequently asked questions relating to Platform Home Loans transfer of equity