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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.

Frequently asked questions relating to Platform transfer of equity

  • I am are looking to find a trustworthy conveyancing lawyer to assist in a transfer of equity and refinance with Platform. I want to avoid being ripped off but with so many conveyancing practices who do transfer of equity conveyancing out there...who do I opt for?
  • I am planning on removing a name from a joint mortgage and the Platform require me to use a conveyancer to carry out the legalities. Can you recommend a reasonably priced Witham conveyancer to deal with the transfer of equity? They need to be on the Platform conveyancing panel.
  • I already have a home loan with Platform and am retaining my current mortgaging but applying to have it in my name only so my former husband won't be on it any longer. How long can it take for the paperwork to be processed?
  • Law month I separated from my ex of thirty years. I'm now living with my mum and dad and she wants to stay in the property and buy me out. What portion do I get. Is it 50% of the equity after redeeming the mortgage with Platform? I assume proper valuations are required but I would like to be confident that I'm getting the best deal
  • What is the process for having a person removed from the title documents to a property if the home loan is with Platform
  • I recently purchased a house without my partner's name on the ownership paperwork. My conveyancer advised it is because she is not in the loan offer with Platform. I'm wondering is there any way that I can add her name on the title?
  • I am thinking of refinancing my property in Sedgefield does my lawyer have to be on the Platform Solicitor panel. The conveyancing also involves a transfer of equity.

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

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” Questionnaire.

Would you like us to prepare Declaration of Trust. If so are you happy to pay for the further fee (beyond the Transfer of Equity fee)?

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

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

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

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

Information to consider in further to the above Platform transfer of equity Questions and Answers :

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 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 freeholder. If such terms are not adhered to you may be in breach 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 market value of the property at the time of completion of the transfer of equity conveyancing.
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 contained within 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.


Frequently asked questions relating to Platform Home Loans transfer of equity