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Topaz Finance

Sample questions relating to Topaz Finance transfer of equity

  • I currently have a joint Topaz Finance mortgage with my brother and am investigating the possibility of him taking on the whole mortgage and extracting myself from it, so as to enable me to purchase somewhere with my partner. The remaining mortgage is approx 300k, and the property value is in the region 600k. Is this a transfer of equity? Is stamp duty payable?
  • What do I need to do when it comes adding or subtracting names (transfer of equity) to or from my Topaz Finance mortgage account?
  • Me and my former husband and I are searching for a quality conveyancing lawyer to assist in a transfer of equity and refinance with Topaz Finance. I I am fearful of appointing the wrong one but with so many conveyancing practices who do transfer of equity conveyancing out there...how do I know which to appoint?
  • I bought a house with my cousin five.seven years ago Since purchasing the property, we have both got married. We are now intending to do a transfer of equity so my name is taken off the Topaz Finance mortgage. There is a 40k difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
  • My partner and myself have 50:50 shares in a investment property. I am a higher rate tax payer. Preferably I would like to complete a transfer of equity to her sole name to mitigate tax on the letting income. If Topaz Finance are content with this the legal fees are inexpensive. However what happens when we sell? As I would no longer be on the title documents would I lose my CGT relief.
  • I am thinking of remortgaging my apartment in Wakefield does my lawyer need to be on the Topaz Finance Conveyancing panel. The conveyancing also involves a transfer of equity.
  • Is there such a thing a transfer of equity stamp duty calculator?

Sample of information requested in a lawyer questionnaire relating to Topaz Finance Transfer of Equity

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

Please clarify if you are making any payment for the Transfer of Equity and to whom and disclose any such sums?

Would you like us to draft you Declaration of Trust. If so are you willing to incur the additional fee (beyond the Transfer of Equity fee)?

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

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

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

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

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

Should the tenure of your property be leasehold, provisions in the lease may require that you have a license to do so from the freeholder. If such conditions are not complied with you may be in breach 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 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.
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