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Together Personal Finance

Questions and answers: Together Personal Finance transfer of equity

  • My decree absolute is through as is the consent order. Now I have 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?
  • My partner and I have equal shares in a investment property. I am a higher rate tax payer. Preferably I wish to do a transfer of equity to her sole name to reduce our tax on the letting income. If Together Personal Finance are content with this the legal fees are inexpensive. What are the implications when we dispose of the property? As I would no longer be on the deeds am I giving up my CGT relief.
  • Can I transfer the equity held in my property with my Together Personal Finance home loan?
  • I already have a mortgage with Together Personal Finance and am maintaining my existing mortgaging but seeking to have have the equity transferred to my name alone so my former partner will be removed from the title. How long can it take for the forms to be processed?
  • My Together Personal Finance home loan we jointly entered into with ex, who has agreed to be removed and put the house in my name alone. Together Personal Finance have consented to the transfer of equity to my individual name. Do Together Personal Finance get in touch with my boss to check my salary?
  • How and when do I cover the costs of stamp duty chargeable for the transfer of equity in my property in my sole name which is happening simultaneously with a refinancing via Together Personal Finance?
  • Together Personal Finance have today agreed I can take over the home loan on the flat. I have applied for a transfer of equity but is this a transfer of ownership at HMLR as well?

Information that may be required from your conveyancing solicitor may ask about your Together Personal Finance Transfer of Equity

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

Please provide the name(s) and addresse(s) of anyone to be extracted from the property title?

Please inform us if you are providing any payment for the Transfer of Equity and to whom and specify the amount?

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

Has one of the registered owners died? If so please supply us with a copy of all the relevant documents e.g. the will, death certificate etc..

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

Important warnings to consider in further to the above Together Personal Finance transfer of equity Advice :

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 have a license to do so from the freeholder. If such conditions are not strictly observed you may be in violation 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 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 market value of the property at finalisation 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 conveyancer 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 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