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Together Personal Finance

Top seven questions relating to Together Personal Finance transfer of equity

  • What are my options where I am not happy with the lawyer who handled my transfer of equity conveyancing?
  • Can I transfer the equity held in my property with my Together Personal Finance home loan?
  • I am disposing of my share of a flat in Hendon to the other co-owners husband, they are sticking with Together Personal Finance as the the existing lender. We are haggling as to who must pay the charges for the transfer of equity. Should this be split or is one of us obliged to cover the legal bill?
  • Will I incur any fees for a Transfer of Equity where the current home loan is with Together Personal Finance?
  • I am looking for a conveyancing solicitor to undertake my transfer of equity. Together Personal Finance are dealing with the refinancing. I thought of asking my mortgage broker. I am lead to believe he will likely receive a referral fee for recommending someone, but also of benefit will be that he knows the conveyancing solicitor, has dealt with them before. Any flaws you see in this way of thinking?
  • I got my Decree Absolute in 2010. For some reason I never got around to transfer ownership from both our names to my name alone. I now plan to deal with it and there are no objections. Transfer-of-equity is presumably the way forward. Together Personal Finance is happy to transfer the full equity in my name (financial checks done). Does she need a conveyancer?
  • When it comes to transfer of equity conveyancing involving refinance with Together Personal Finance should I be invoiced value added tax on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee

Sample of questions in a conveyancer form relating to Together Personal Finance Transfer of Equity

If you are adding someone on to the property how would you like 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 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 passed away? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..

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

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, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such conditions are not complied with you may be in breach of the lease. This could potentially result in 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 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 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 valuation of the property at the time of completion 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 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.


Frequently asked questions relating to Together Personal Finance transfer of equity