LenderPanel.com

Find a Law Firm for your Transfer of Equity approved by
Together Personal Finance

Questions and answers: Together Personal Finance transfer of equity

  • Can you tell me how to have a person removed off the deeds to a house where the mortgage is with Together Personal Finance
  • I currently have a joint Together Personal Finance mortgage with my step-brother and am investigating the option of him taking on the whole mortgage and subtracting myself from it, so as to enable me to buy a place with my soon-to-be-wife. The remaining mortgage is about 175k, and the property value is approx 450k. Is this a transfer of equity? Is land tax due?
  • Is it possible to transfer the equity held in my property with my Together Personal Finance home loan?
  • My divorce has gone through as is the consent order. Now I need to address the transfer of equity at the HMLR and the Together Personal Finance mortgage. I have contacted Together Personal Finance for the transfer of equity application. What happens next?
  • I already have a mortgage with Together Personal Finance and am maintaining my current mortgaging but wish to have have the equity transferred to my sole name so my former wife will be removed from the title. How long can it take for the paperwork to be processed?
  • Given that we have been four years apart I have opted to transfer my share of our house to my husband who is re-mortgaging with Together Personal Finance. Could this transfer of equity be completed within 28 days?
  • Me and my former partner and I are are looking to find a responsive conveyancing lawyer to help me sell in a transfer of equity and refinance with Together Personal Finance. I really don't want to get ripped off but with many conveyancing practices who do transfer of equity conveyancing out there...who's the best?

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

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

Please let us know of you wish us to prepare Declaration of Trust. If so are you willing to incur the additional fee (beyond the Transfer of Equity fee)?

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

Please list all persons who occupy the property, their respective ages and relationships to you.

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

Where you are adding someone 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.

Information to consider in supplemental 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 properties

Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and 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 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 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 conveyancer 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 conveyancing.
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