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Topaz Finance

Top seven questions relating to Topaz Finance transfer of equity

  • I already have a mortgage with Topaz Finance and am keeping my current mortgaging but applying to have have the equity transferred to my name only so my former husband will be removed from the title. How long does the whole transfer of equity process take?
  • What are the average legal charges are for a transfer of equity? I need to transfer equity and refinance - moving over to Topaz Finance - and have been quoted Three Hundred pounds plus VAT by Topaz Finance's approved lawyer, Have I been over quoted?
  • Me and a friend got a joint mortgage with Topaz Finance on a flat a couple of years ago. I am now thinking of buying a house by myself and my friend would like to buy me out. On the basis that we can settle on a price what are the next steps? Would there be any potential problem with Topaz Finance with him being on the hook for the total mortgage as opposed to only part of it?
  • My former husband are seeking to get a conveyancing solicitor lined up for a refinance with Topaz Finance. Transfer of Equity conveyancing is also requiredI have used the different rating based tools and the results are from all over England and Wales. How necessary is it to have a conveyancer local to us?
  • I am in the process of removing a name from a joint mortgage and the Topaz Finance need me to use a conveyancing solicitor to carry out the legalities. Can you recommend a reasonably priced Rye conveyancing solicitor to deal with the transfer of equity? They need to be on the Topaz Finance conveyancing panel.
  • I am led to believe we would need at least AP1 and TR1. Is this true?
  • My partner and I co-own a property in Winchelsea . Mortgage is with Topaz Finance. I would like to transfer full ownership to him with no exchange of money but without using a conveyancing solicitor. Is this likely to be straightforward?

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

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

Is the transfer of equity subject to a court order? If yes please supply a copy

Please list all persons who occupy the property, their respective ages and relationships to you.

Is it the case that one of the registered proprietors died? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..

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

Will there be any consideration monies passing between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive the same

General Advice to read in in addition to 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 premises

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 freeholder. If such terms are not adhered to you may be in breach of 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 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 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 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 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 lawyer 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 should not be regarded as 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