Top seven questions relating to Topaz Finance transfer of equity

• What are my options where I am not happy with the lawyer who did our transfer of equity conveyancing?
• Topaz Finance have just agreed I can take over the mortgage on the house. I previously applied for a transfer of equity but presumably there is a transfer of ownership of the title deeds on top?
• I recently bought a house without my wife's name on the deeds. My lawyer said it is because she was not in the loan offer with Topaz Finance. I'm wondering is there any way that I can put her name on the documents at HMLR?
• I intend to remortgage my apartment in Timperley changing from Skipton to Topaz Finance. The apartment is jointly owned but wish for it to be in my sole name when I transfer. My husband is OK with this and is happy to sign a form but neither of us want to get a second conveyancer involved.
• The financial adviser has recommended their lawyer for our Transfer of Equity plus remortgage with Topaz Finance - won’t it be easier to just use them?
• I am planning on removing a name from a joint mortgage and the Topaz Finance need me to use a conveyancing solicitor to carry out the conveyancing. Can you recommend a reasonably priced Heathfield lawyer to deal with the transfer of equity? They need to be on the Topaz Finance conveyancing panel.
• My Topaz Finance home loan we jointly entered into with ex, he has agreed to be removed and put the house in my name alone. Topaz Finance will permit the transfer of equity to me solely. Will Topaz Finance contact my employer to check my salary?

Questions that your lawyer is likely to ask in relation to your Topaz Finance Transfer of Equity

Information to consider in conjunction with the above Topaz Finance transfer of equity information :

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 Topaz Finance conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

If your property is leasehold, provisions in the lease may require that you obtain the consent of the landlord. If such conditions are not complied with you may be in breach 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 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 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 varies based on the market value of the property at the conclusion of the transfer of equity transaction.

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.

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.