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Together Personal Finance

Sample questions relating to Together Personal Finance transfer of equity

  • Can I transfer the equity held in my property with my Together Personal Finance home loan?
  • My financial adviser has suggested using their conveyancer for the Transfer of Equity plus remortgage with Together Personal Finance - won’t it be advisable to just use them?
  • I am trying to find a conveyancer to deal with my transfer of equity. Together Personal Finance are dealing with the remortgage. I considered asking my financial adviser. I am lead to believe he will likely receive a kickback for suggesting a firm, but also of benefit will be that he knows the conveyancer, has a working relationship with them. Is my logic flawed?
  • I am planning on removing a name from a joint mortgage and the Together Personal Finance require me to use a conveyancer to carry out the paperwork. Can you recommend a reasonably priced Wakefield lawyer to deal with the transfer of equity? They need to be on the Together Personal Finance conveyancing panel.
  • I own a house in Blaenavon , with a Together Personal Finance loan with my ex husband. He and his new partner are going to buy me out. We had the go ahead from Together Personal Finance to replace my name with hers. The transfer of equity needs to be done by a lawyer for Together Personal Finance (apparently). Is it possible for us to do the Land Registry formalities?
  • My mum passed away seven months ago leaving a unencumbered bungalow to me and my brother 50:50. Having continues to reside at the house, there was a clause in the will specifying that the propertycould not be sold for 24 months following her passing so he could reside there for a specified time frame. He now wants to remain in the premises 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 mortgage in the traditional way to acquire my half from me?
  • What are my options where I am unhappy with the conveyancer who did my transfer of equity conveyancing?

Information that may be required from your lawyer may ask regarding your Together Personal Finance Transfer of Equity

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?

Please confirm where you are providing any payment for the Transfer of Equity and to whom and notify us the amount?

Can you provide the name(s) and addresse(s) of anyone who jointly owns the property with you?

Please provide a copy of your National Insurance Number?

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

Has one of the registered proprietors passed away? If so please supply us with a copy of the Death Certificate, Probate and a copy of the Will.

Important warnings to consider in in addition to the above Together Personal Finance transfer of equity Advice :

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 Together Personal Finance conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

If your property is leasehold, provisions in the lease may require that you have a license to do so from the freeholder. If such terms are not adhered to 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 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 conveyancing solicitor 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 is dependent on the valuation 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 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.

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 Together Personal Finance transfer of equity