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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

  • Is it sensible to cancel my mortgage payments with Topaz Finance once a date for my remortgage and transfer of equity has been set?
  • What can I do where I am unhappy with the conveyancing solicitor who handled our transfer of equity conveyancing?
  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with Topaz Finance?
  • I am in the market for an affordable conveyancing solicitor to assist in a transfer of equity and remortgage with Topaz Finance. I really don't want to get ripped off and there's various conveyancing solicitors who do transfer of equity conveyancing to pick from...who do I opt for?
  • The financial adviser has recommended their conveyancing solicitor for the Transfer of Equity plus remortgage with Topaz Finance - won’t it be easier to just use them?
  • I am disposing of my equity in house in Hendon to the other co-owners fiance, they are reapplying to Topaz Finance. We are haggling as to who must pay the fees for the transfer of equity. Should this be split or is one party obliged to cover the charges for?
  • When it comes to transfer of equity conveyancing involving a remortgage with Topaz Finance should I be invoiced VAT on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee

Sample of questions 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 forward us with a copy of the Death Certificate, Probate and a copy of the Will.

We need you to provide the National Insurance Number(s) of all the new owners (required for submission of the SDLT Form)

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

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)?

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

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

Caveats to be read in supplemental 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 properties

Should the tenure of your property be leasehold, the lease may require that you obtain the consent of the landlord. If such terms are not adhered to 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 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 time of completion of the transfer of equity conveyancing.
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 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 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