Recently asked questions relating to Together Personal Finance transfer of equity

• Is it possible to apply to borrow a further advance from Together Personal Finance as part of a Transfer of Equity?
• My existing mortgage is with Together Personal Finance. Can I transfer equity to someone who is not yet eighteen years old?
• I jointly own a apartment in Crabtree , with a Together Personal Finance mortgage with my ex husband. Him and his fiance are going to acquire my share. We had consent from Together Personal Finance to substitute my name with hers. The transfer of equity needs to be done by a conveyancer for Together Personal Finance (supposedly). Is it possible for us to deal with the Land Registry formalities?
• My dad died last May leaving a mortgage-free property to me and my half brother 50:50. Having continues to reside at the premises, there was a provision in the will specifying that the premisescould not be sold for 24 months after her death so he could remain there for a while. He now says he would like to remain in the property beyond the specified period. We have discussed a transfer of equity. Am I right in saying we'd get a valuation then he'd get a mortgage in the traditional way to purchase my share?
• After three years separated I have opted to give up my interest in the house to my husband who is refinancing with Together Personal Finance. Could this transfer of equity be done in four weeks?
• My ex are looking to get a conveyancer lined up for a refinance with Together Personal Finance. Transfer of Equity conveyancing is also requiredI have used the different rating based services and the results are from all over England and Wales. Do we need to have a lawyer local to us?
• In 2009 I bought a property without my fiance’s name on the title. My conveyancer said it is because she is not in the loan offer with Together Personal Finance. Is it possible for me to put her name on the deeds?

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

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

Tax and Legal

There may be various 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 require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in violation of your covenants under 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 varies based on the valuation of the property at the time of completion of the transfer of equity transaction.

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 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.