Top seven questions relating to Together Personal Finance transfer of equity
- Am I best advised stop the direct debit for my mortgage with Together Personal Finance once a date for my remortgage and transfer of equity has been agreed?
- Law month I split up with my partner of twenty years. I'm now back with my mum and dad and she wishes to stay in the flat and pay me off. What percentage do I get. Is it half of the equity after paying off the Together Personal Finance home loan? I assume proper valuations are necessary but I would like ensure that I'm getting the best deal
- Is there such a thing a transfer of equity stamp duty calculator?
- My Together Personal Finance home loan is in joint names with ex, who has agreed to come off the mortgage and let me have the property. Together Personal Finance have consented to the transfer of equity to me solely. Do Together Personal Finance contact my employer to confirm my salary?
- My dad passed away half a year ago leaving a loan-free property to me and my step brother 50:50. Having continues to reside at the house, there was a clause in her will saying the propertycould not be sold for 2 years after her passing so he could reside there for a prescribed period. He now wants to remain in the house beyond the prescribed period. We have discussed a transfer of equity. Would I be right in thinking that we should get a valuation then he'd get a home loan in the usual way to purchase my share?
- I bought a flat with a friend five.seven years ago Since purchasing the property, we have both got married. We are now seeking to do a transfer of equity so my name is taken off the Together Personal Finance mortgage. There is a significant difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
- Been reviewing consumer forums that solicitors are more expensive than conveyancers for transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor if I am transferring equity and simultaneously remortgaging with Together Personal Finance
Questions that your conveyancing solicitor is likely to ask in relation to your Together Personal Finance Transfer of Equity
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?
If are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?
Who will be responsible for the costs of the Transfer of Equity?
Can you provide the details of anyone who jointly owns the property with you?
Has one of the registered proprietors died? If so please supply us with a copy of the Death Certificate, Probate and a copy of the Will.
We need you to supply the National Insurance Number(s) of all the new owners (required for submission of the Stamp Duty Land Tax Form)
Important warnings to consider in supporting the above Together Personal Finance 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 Together Personal Finance conveyancing panel and accountant before transferring equity.
Transfer of Equity Conveyancing for Leasehold properties
Should the tenure of your property be leasehold, the lease may require that you obtain the consent of the landlord. If such conditions are not complied with you may be in violation of your covenants under the lease. This could trigger the freeholder taking enforcement action against you.
If the transfer of equity is made pursuant to 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 lawyer will check with Together Personal Finance 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 Together Personal Finance 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 conclusion of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with Together Personal Finance your property may be repossessed.
Preparing the Transfer of Equity with a Together Personal Finance Mortgage
When it comes to preparing the the Land Registry documents your lawyer should in the ‘consideration’ panel choose the first option, if consideration is given; otherwise ignore the consideration panel altogether.
If Together Personal Finance 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 conveyancing solicitor 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 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.