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Together Personal Finance

Frequently asked questions relating to Together Personal Finance transfer of equity

  • Am I best advised cancel the direct debit for my mortgage with Together Personal Finance as soon as a date for my remortgage and transfer of equity has been set?
  • Having been 5 years estranged I have opted to give up my interest in the house to my husband who is refinancing with Together Personal Finance. Can a transfer of equity be done in 28 days?
  • Is there such a thing a transfer of equity stamp duty calculator?
  • I am in the market for an affordable conveyancing solicitor to assist in a transfer of equity and remortgage with Together Personal Finance. I I am fearful of appointing the wrong one and there's various conveyancing practices who do transfer of equity conveyancing to choose from...how do I know which one to appoint?
  • At what stage do I cover the costs of stamp duty chargeable for the transfer of equity in my house in my sole name which is happening simultaneously with a refinancing with Together Personal Finance?
  • My mortgage broker has suggested using their lawyer for our Transfer of Equity plus remortgage with Together Personal Finance - won’t it be advisable to just instruct them?
  • I already have a mortgage with Together Personal Finance and am retaining my existing mortgaging but applying to have have the equity transferred to my name alone so my former husband won't be on it any longer. How long can it take for the forms to be processed?

Sample of information requested in a conveyancing solicitor form relating to Together Personal Finance Transfer of Equity

Please give the details of anyone who jointly owns the premises with you?

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?

Have you approached Together Personal Finance to seek consent to the Transfer of Equity

Is the transfer of equity subject to a court order? If yes please supply a copy

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

Would you like us to draw up a Declaration of Trust. If so are you happy to pay for the additional fee (beyond the Transfer of Equity fee)?

General Advice to read in in addition to the above Together Personal Finance transfer of equity Info :

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 premises

If your property is leasehold, provisions in the lease may have a requirement for notices to be served and 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 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 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 the time of completion of the transfer of equity transaction.
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.

Content 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