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Topaz Finance

Questions and answers: Topaz Finance transfer of equity

  • I intend to refinance my home in Timperley switching from Coventry BS to Topaz Finance. The flat is currently in joint names but intend for it to be in my sole name once I remortgage. My wife is OK with this and is willing to sign a form but neither of us want to get a second conveyancer involved.
  • Is it sensible to stop the direct debit for my mortgage with Topaz Finance once a date for my remortgage and transfer of equity has been set?
  • After a number of years estranged I have decided to transfer my interest in our property to my husband who is re-mortgaging with Topaz Finance. Can a transfer of equity be done inside 28 days?
  • Me and a friend got a joint mortgage with Topaz Finance on a house in 2013. I am now looking to get a apartment on my own and my friend would like to buy me out. Assuming we can agree a figure where do we go? Is there likely to be any concerns with Topaz Finance with him being on the hook for the total mortgage as opposed to only half of it?
  • What are the average legal fees are for a transfer of equity? I need to transfer equity and refinance - moving over to Topaz Finance - and have been quoted £250 excluding VAT by Topaz Finance's appointed lawyer, Have I been over quoted?
  • Can you tell me how to have someone removed off the title documents to a property where the home loan is with Topaz Finance
  • Law week I split up with my wife of thirty years. I'm now back with my mum and dad and she wishes to stay in the flat and pay me off. What portion am I entitled to. Is it half of the equity after paying off the mortgage with Topaz Finance? I assume proper valuations are necessary but I would like ensure that I'm getting the best deal

Sample of questions in a conveyancer questionnaire concerning a Topaz Finance Transfer of Equity

Has one of the registered owners passed away? If so please supply us with a copy of the Death Certificate, Probate and a copy of the Will.

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 provide the details of anyone to be extracted from the property title?

If you are adding someone on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

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

Who will be responsible for the costs of the Transfer of Equity?

Information to consider in in addition to the above Topaz Finance transfer of equity Info :

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 premises

If your property is 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 violation of the lease. This could trigger 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 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 valuation of the property at the conclusion of the transfer of equity transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with Topaz Finance.

Preparing the Transfer of Equity with a Topaz Finance Mortgage

When it comes to preparing the the Land Registry documents your conveyancing solicitor 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 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 Topaz Finance transfer of equity