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Find a Law Firm for your Transfer of Equity approved by
Platform Home Loans

Examples of recent questions relating to Platform transfer of equity

  • Can I apply to request a further advance from Platform as part of a Transfer of Equity?
  • Platform have just agreed I can take over the home loan on the house. I have applied for a transfer of equity but presumably there is a transfer of ownership at the Land Registry on top?
  • As things stand I have a joint Platform mortgage with my step-brother and am investigating the possibility of him assuming responsibility for the whole mortgage and subtracting myself from it, so as to enable me to buy somewhere with my partner. The remaining mortgage is approx 300k, and the property value is about 600k. Is this a transfer of equity? Is stamp duty involved?
  • Me and my former partner and I are are looking to find an affordable conveyancing solicitor to help me sell in a transfer of equity and refinance with Platform. I I am concerned about appointing the wrong one and there are so many conveyancing firms who do transfer of equity conveyancing to pick from...who do I opt for?
  • I jointly own a flat in Blaenavon , with a Platform mortgage with my ex husband. Him and his fiance are going to buy me out. We had the go ahead from Platform to substitute my name with hers. The transfer of equity needs to be done by a conveyancing solicitor for Platform (apparently). Is it possible for us to deal with the Land Registry change?
  • What if my application doesn't meet Platform lending criteria for a transfer of equity?
  • What are the average conveyancing charges are for a transfer of equity? I need to transfer equity and remortgage - new loan with Platform - and have been quoted £350 excluding VAT by Platform's appointed lawyer, Have I been over quoted?

Information that may be required from your conveyancer may ask in relation to your Platform Transfer of Equity

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

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

If are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?

Please confirm if you are providing any payment for the Transfer of Equity and to whom and disclose the amount?

Can you give the details of anyone who jointly owns the premises with you?

General Advice to read in supporting the above Platform transfer of equity Questions and Answers :

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, 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 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 pursuant to 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 conveyancing solicitor 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 market value 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 conveyancer 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