Platform transfer of equity example support desk enquires
- My former husband are looking to get a conveyancer in place for a remortgage with Platform. Transfer of Equity conveyancing is also neededI have used the different rating based tools and the results are from all over England and Wales. Is it important to have a conveyancing solicitor local to us?
- I got divorced three years ago. Foolishly I never got around to transfer ownership from both our names to my name alone. I now plan to deal with it and there are no objections. Transfer-of-equity is needed. Platform is willing to transfer the full equity in my name (affordability checks done). Does she need a lawyer?
- I am am in need of a lawyer to undertake my transfer of equity. Platform are dealing with the refinancing. I considered asking my mortgage broker. I am lead to believe he may receive a referral fee 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?
- I intend to refinance my maisonette in Rye
switching from Godiva Mortgages to Platform. The home is jointly owned but intend for it to be in my name only once I transfer. My husband has agreed to this and is happy to sign a form but neither of us want to incur conveyancing solicitor fees.
- Can I apply to request a further advance from Platform as part of a Transfer of Equity?
- Been reviewing online blogs that solicitors are more expensive than licensed conveyancers for transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor if I am transferring equity and at the same time refinancing with Platform
- My partner and I jointly own a house in Winchelsea
. Home loan is with Platform. I want to transfer full ownership to him with no exchange of money but without using a conveyancing solicitor. Is this likely to be easy to so?
Sample of information requested in a conveyancer questionnaire relating to Platform Transfer of Equity
Please provide the name(s) and addresse(s) of anyone who jointly owns the premises with you?
Have you approached Platform to seek consent to the Transfer of Equity
Please provide the details of anyone to be extracted from the title deeds?
Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you
Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been completed?
Where you are adding someone 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” Form.
Caveats to be read in supplemental 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 titles
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 your covenants under the lease. This could potentially result in the freeholder taking enforcement action against you.
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 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 is dependent on the market value of the property at finalisation of the transfer of equity transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with Platform.
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 conveyancer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.
Content 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.