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Platform Home Loans

Top seven questions relating to Platform transfer of equity

  • I am thinking of refinancing my property in Littleborough does my lawyer have to be on the Platform Conveyancing panel. The conveyancing also involves a transfer of equity.
  • Am I best advised cancel my mortgage payments with Platform once a date for my remortgage and transfer of equity has been agreed?
  • I am planning on removing a name from a joint mortgage and the Platform require me to use a conveyancing solicitor to carry out the conveyancing. Can you recommend a reasonably priced Dunnington lawyer to deal with the transfer of equity? They need to be on the Platform conveyancing panel.
  • My Platform home loan we jointly entered into with ex, who has agreed to come off the mortgage and let me have the property. Platform have consented to the transfer of equity to my individual name. Do Platform get in touch with my employer to confirm my salary?
  • I am under the impression we would need at least AP1 and Transfer Deed. Is this true?
  • Will I have to pay any fees for a Transfer of Equity where the existing home loan is with Platform?
  • I got my Decree Absolute two years ago. Foolishly I never got around to change the ownership from both our names to my sole name. I now plan to deal with it and there are no objections. Transfer-of-equity is needed. Platform is happy to transfer the full equity in my name (financial checks done). Does she need any legal representation?

Examples of questions in a conveyancing solicitor form concerning a Platform Transfer of Equity

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

Please give the details of anyone to be added to the title deeds?

Have you approached Platform to obtain consent to the Transfer of Equity

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

Please provide the name(s) and addresse(s) of anyone to be removed from the title deeds?

Would you like us to draw up a Declaration of Trust. If so are you happy to pay for the additional fee (beyond the Transfer of Equity fee)?

Information to consider in supporting the above Platform 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 Platform conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

If your property is leasehold, the lease may require 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 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 varies based on the valuation of the property at the time of completion 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.

Content 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