LenderPanel.com

Find a Law Firm for your Transfer of Equity approved by
Together Personal Finance

Recently asked questions relating to Together Personal Finance transfer of equity

  • Law month I split up with my wife of thirty years. I'm now back with my parents again and she wishes to remain in the apartment and pay me off. What percentage am I entitled to. 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 to be confident that I'm getting I am not being taken advantage of
  • My ex are planning to get a conveyancer lined up for a refinance with Together Personal Finance. Transfer of Equity conveyancing is also requiredI have used the different comparison based tools and the results are from all over UK. Do we need to appoint a conveyancer local to us?
  • My financial adviser has suggested using their lawyer for the Transfer of Equity plus remortgage with Together Personal Finance - won’t it be easier to just instruct them?
  • Together Personal Finance yesterday agreed I can take over the home loan on the house. I have applied for a transfer of equity but presumably there is a transfer of ownership at HMLR in addition?
  • My dad passed away last March leaving a mortgage-free bungalow to me and my step brother 50:50. Having continues to reside at the premises, there was a clause in the will specifying that the housecould not be sold for three years following her death so he could continue to live there for a specified time frame. He now says he would like to remain in the premises beyond the specified period. We have discussed a transfer of equity. Would I be right in thinking that we'd get a valuation then he'd get a home loan in the traditional way to purchase my share?
  • I am in the process of removing a name from a joint mortgage and the Together Personal Finance require me to use a lawyer to carry out the legalities. Can you recommend a reasonably priced Miles Platting conveyancer to deal with the transfer of equity? They need to be on the Together Personal Finance conveyancing panel.
  • Is there such a thing a transfer of equity stamp duty calculator?

Questions that your conveyancer could ask regarding 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?

Is the transfer of equity subject to a court order? If yes please supply a copy

Please let us know of you wish us to prepare Declaration of Trust. If so are you willing to pay for the further fee (beyond the Transfer of Equity fee)?

Please provide the details of anyone to be added to the property title?

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

If you are adding someone on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

Caveats to be read in further to the above Together Personal Finance transfer of equity Questions and Answers :

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 premises

If your property is leasehold, provisions in the lease may have a requirement for notices to be served and 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 trigger the freeholder taking enforcement action against you.

Indemnity Insurance

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 is dependent on the valuation of the property at the conclusion of the transfer of equity transaction.
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 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 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 Together Personal Finance transfer of equity