Examples of recent questions relating to Together Personal Finance transfer of equity
- What should I be budgeting for when it comes to what conveyancing costs 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 including VAT by Together Personal Finance's appointed conveyancer, Is this a reasonable price?
- My Together Personal Finance home loan is in joint names with ex, he has agreed to be removed and let me have the property. Together Personal Finance have consented to the transfer of equity to me solely. Will Together Personal Finance get in touch with my boss to verify my salary?
- What if my application doesn't meet Together Personal Finance lending criteria for a transfer of equity?
- My divorce is through as is the consent order. Now I have to address the transfer of equity on title deeds and the Together Personal Finance mortgage. I have contacted Together Personal Finance for the transfer of equity application. What do I do now?
- My current mortgage is with Together Personal Finance. Can I transfer equity to someone less than eighteen years old?
- I am planning on 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 Winchelsea
lawyer to deal with the transfer of equity? They need to be on the Together Personal Finance conveyancing panel.
- My former wife are planning to get a lawyer in place for a refinance with Together Personal Finance. Transfer of Equity conveyancing is also requiredI have used the different comparison based websites and the results are from all over the country. How necessary is it to instruct a conveyancing solicitor local to us?
Examples of information requested in a lawyer form concerning a Together Personal Finance Transfer of Equity
Please list all persons who occupy the property, their respective ages and relationships to you.
Please provide the name(s) and addresse(s) of anyone to be added to the property title?
Is the transfer of equity subject to a court order? If yes please supply a copy
Would you like us to prepare Declaration of Trust. If so are you willing to incur the additional 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?
Caveats to be 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
If your property is leasehold, provisions in the lease may require that you obtain the consent of 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.
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 the conclusion 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 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 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.