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Together Personal Finance transfer of equity: q and a’s

  • I am looking for a lawyer to handle my transfer of equity. Together Personal Finance are dealing with the refinancing. I thought of asking my mortgage broker. I am lead to believe he may receive a kickback for suggesting someone, but also of benefit will be that he knows the lawyer, has a working relationship with them. Any flaws you see in this way of thinking?
  • When it comes to transfer of equity conveyancing involving refinance with Together Personal Finance should I be charged VAT on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • What is the process for adding or subtracting names (transfer of equity) to or from my Together Personal Finance mortgage account?
  • Having been 4 years apart I have decided to relinquish up my interest in our property to my husband who is refinancing with Together Personal Finance. Could this transfer of equity be completed within 28 days?
  • Last year bought a house without my fiance’s name on the title documents. My conveyancing solicitor said it is because she is not in the mortgage with Together Personal Finance. I'm wondering is there any way that I can add her name on the documents at HMLR?
  • My mum passed away last March leaving a mortgage-free bungalow to me and my step brother in equal shared. Having continues to reside at the house, there was a condition in the will saying the propertycould not be sold for three years following her death so he could reside there for a prescribed period. He now wants to remain in the property beyond the specified 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 buy my share?
  • How and when do I incur the Stamp Duty Land Tax chargeable for the transfer of equity in my house in my name alone which is taking place at the same time as a refinancing with Together Personal Finance?

Examples of information requested in a conveyancer questionnaire concerning a Together Personal Finance Transfer of Equity

Please clarify where you are making any payment for the Transfer of Equity and to whom and give details of the amount?

Please provide a copy of your National Insurance Number?

Please let us know of you wish us to draft you Declaration of Trust. If so are you happy to incur the further fee (beyond the Transfer of Equity fee)?

Who will be responsible for the costs of the 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?

Is it the case that one of the registered proprietors died? If so please supply us with a copy of all the relevant documents e.g. the will, death certificate etc..

General Advice to read in supporting the above Together Personal Finance 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 Together Personal Finance conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

If your property is leasehold, provisions in the lease may require that you have a license to do so from the freeholder. If such conditions are not complied with you may be in violation of the lease. This could trigger 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 conveyancer 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 market value of the property at the time of completion of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Together Personal Finance.

Preparing the Transfer of Equity with a Together Personal Finance 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 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 conveyancer 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 Together Personal Finance transfer of equity