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Common questions relating to Together Personal Finance transfer of equity

  • My divorce is through as is the consent order. Now I need to deal with the transfer of equity on title deeds and the Together Personal Finance mortgage. I have asked Together Personal Finance for the transfer of equity application. What happens next?
  • My brother and I got a joint mortgage with Together Personal Finance on a apartment in 2013. I am now looking to get a property by myself and my friend would like to buy me out. Once we have agreed an amount where do we go? Would there be any potential concerns with Together Personal Finance with him being solely liable for the total mortgage rather than only half of it?
  • My former husband are seeking to get a conveyancing solicitor in place for a refinance with Together Personal Finance. Transfer of Equity conveyancing is also necessaryI have used the different rating based tools and the results are from all over the country. How necessary is it to have a conveyancing solicitor local to us?
  • How much the typical solicitors fees are for a transfer of equity? I'm in the process of remortgaging - new loan with Together Personal Finance - and have been quoted Four Hundred pounds plus VAT by Together Personal Finance's appointed conveyancing solicitor, Have I been over quoted?
  • As things stand I have a joint Together Personal Finance mortgage with my cousin and am looking into the possibility of him taking on the outstanding mortgage and removing myself from it, so as to enable me to purchase somewhere with my soon-to-be-wife. The outstanding mortgage is in the region 175k, and the property value is in the region 500k. Is this a transfer of equity? Is land tax due?
  • I already have a mortgage with Together Personal Finance and am maintaining my existing mortgaging but seeking to have it in my name only so my former partner will no longer be on the deeds. How long does the whole transfer of equity process take?
  • My existing home loan is with Together Personal Finance. Can I transfer equity to someone less than 18 years old?

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

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

Where you are intent on holding 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 whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

We need you to provide the National Insurance Number(s) of all the new owners (required for submission of the Stamp Duty Land Tax Form)

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

Is there to be any payment between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive the same

Important warnings to consider in supplemental 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 properties

Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such restrictions are not strictly observed 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 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 market value of the property at finalisation of the transfer of equity transaction.
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 conveyancer 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 provided on 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