Examples of recent questions relating to Together Personal Finance transfer of equity
- I am planning on removing a name from a joint mortgage and the Together Personal Finance need me to use a conveyancing solicitor to carry out the conveyancing. Can you recommend a reasonably priced Miles Platting
lawyer to deal with the transfer of equity? They need to be on the Together Personal Finance conveyancing panel.
- I am searching for a responsive conveyancing solicitor to assist in a transfer of equity and remortgage with Together Personal Finance. I am aware of the chance of getting ripped off but with lots of conveyancing practices who do transfer of equity conveyancing out there...how do I know which to appoint?
- Have recently separated from my ex of twenty years. I'm now back with my parents again and she wants to stay in the flat and buy me out. What percentage do I get. Is it 50% of the equity after redeeming the Together Personal Finance home loan? I assume proper valuations are necessary but I would like ensure that I'm getting I am not being walked over
- Me and a friend got a joint mortgage with Together Personal Finance on a house in 2013. I am now looking to get a property on my own and my friend would like to buy me out. Assuming we can agree an amount where do we go? Would there be any potential issue with Together Personal Finance with him being solely liable for the total loan as opposed to only part of it?
- I am hoping to refinance my maisonette in Rye
switching from Nationwide to Together Personal Finance. The apartment is currently in joint names but intend for it to be in my sole name as and when I transfer. My husband has agreed to this and is happy to sign a form but neither of us want to get a second conveyancing solicitor involved.
- I already have a mortgage with Together Personal Finance and am keeping my existing mortgaging but wish to have it in my name alone so my ex will come off the title. How long does the whole transfer of equity process take?
- I am filling out a Together Personal Finance transfer of equity request and have come to the questions that asks about debts etc. There are some debts that I have been reducing over a long period, in fact they no longer remain my credit records. Do I need to disclose these?
Examples of questions in a lawyer questionnaire relating to Together Personal Finance Transfer of Equity
Please give the details of those who jointly own the premises with you?
Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you
Has one of the registered owners died? If so please provide us with a copy of the Death Certificate, Probate and a copy of the Will.
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?
We need you to supply the National Insurance Number(s) of all the new owners (required for submission of the SDLT Form)
Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been completed?
General Advice to read in supporting 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 titles
Should the tenure of your property be leasehold, the lease may require that you have a license to do so from the landlord. If such terms are not adhered to you may be in violation of your covenants under 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 varies based on the market value of the property at finalisation 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 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 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.
