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Are you in need of a Transfer of Equity with a Topaz Finance plc mortgage? Failing to check that a lawyer is on the Topaz Finance plc list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Questions and answers: Topaz Finance transfer of equity

  • What if my application doesn't meet Topaz Finance lending criteria for a transfer of equity?
  • Two years ago I purchased a property without my partner's name on the deeds. My conveyancing solicitor claimed it is because she was not in the mortgage with Topaz Finance. Is it possible for me to put her name on the deeds?
  • I am completing a Topaz Finance transfer of equity request and have come to the questions that asks about debts etc. There are some debts that I have been paying off over a long period, in fact they have long since disappeared from my credit rating. Am I obliged to declare these?
  • My existing mortgage is with Topaz Finance. Can I transfer equity to someone under eighteen years old?
  • My mother died seven months ago leaving a loan-free house to me and my brother 50:50. He has always lived in the premises, there was a clause in the will specifying that the propertycould not be sold for three years after her death so he could continue to live there for a while. He now says he would like to remain in the house beyond the prescribed period. We have considered a transfer of equity. Am I right in saying we should get a valuation then he'd get a home loan in the usual way to purchase my share?
  • I am planning on removing a name from a joint mortgage and the Topaz Finance need me to use a conveyancer to carry out the conveyancing. Can you recommend a reasonably priced Sedgefield lawyer to deal with the transfer of equity? They need to be on the Topaz Finance conveyancing panel.
  • I understand we would need at least AP1 and TR1. Is this true?

Examples of questions in a conveyancer form concerning a Topaz Finance Transfer of Equity

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

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been formalised?

Please clarify where you are making any payment for the Transfer of Equity and to whom and give details of the amount?

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 let us know of you wish us to prepare Declaration of Trust. If so are you happy to pay for the further fee (beyond the Transfer of Equity fee)?

General Advice to read in conjunction with the above Topaz Finance transfer of equity Advice :

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 Topaz 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 have a license to do so from the landlord. If such terms are not adhered to you may be in breach 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 conveyancing solicitor will check with Topaz 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 Topaz 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 valuation of the property at finalisation of the transfer of equity transaction.
If you do not keep up the payments on your mortgage with Topaz Finance your property may be repossessed.

Preparing the Transfer of Equity with a Topaz 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 Topaz 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.

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 Topaz Finance transfer of equity