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

Sample questions relating to Topaz Finance transfer of equity

  • I intend to refinance my maisonette in Rye moving from Natwest to Topaz Finance. The home is currently in joint names but propose for it to be in my name only when I transfer. My husband has verbally consented to this and is willing to transfer equity but neither of us want to get a second lawyer involved.
  • Can I apply to borrow a further advance from Topaz Finance as part of a Transfer of Equity?
  • My former husband are looking to get a conveyancer lined up for a remortgage with Topaz Finance. Transfer of Equity conveyancing is also necessaryI have used the different rating based tools and the results are from all over the country. Is it important to appoint a conveyancing solicitor local to us?
  • What do I do if I am dissatisfied with the conveyancer who undertook my transfer of equity transaction?
  • Can you tell me how to have someone removed off the deeds to a house where the mortgage is with Topaz Finance
  • Have recently separated from my wife of thirty years. I'm now living with my mum and dad and she wants to stay in the property and buy me out. What percentage do I get. Is it 50% of the equity after discharging the mortgage with Topaz Finance? I assume proper valuations are necessary but I really need ensure that I'm getting what I am entitled to
  • I already have a mortgage with Topaz Finance and am maintaining my existing mortgaging but applying to have it in my name alone so my ex will come off the mortgage. How long does the whole transfer of equity process take?

Examples of information requested in a lawyer questionnaire concerning a Topaz Finance Transfer of Equity

If are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Please give the details of those who jointly own the premises with you?

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 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 provide the details of anyone to be added to the title deeds?

Has consent been obtained from Topaz Finance to the proposed transfer of equity?

Information to consider in further to the above Topaz 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 Topaz Finance conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

If your property is leasehold, 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 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 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 lawyer 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 the time of completion 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 lawyer 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