LenderPanel.com

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

Sample questions relating to Topaz Finance transfer of equity

  • Is it possible to apply to request more money from Topaz Finance as part of a Transfer of Equity?
  • Me and a friend got a joint mortgage with Topaz Finance on a apartment in 2013. I am now thinking of buying a apartment by myself and my friend would like to buy me out. Assuming we can agree a figure what are the next steps? Would there be any potential issue with Topaz Finance with him being responsible for the total mortgage as opposed to only half of it?
  • I am disposing of my share of a house in Hendon to my co-owners fiance, they are reapplying to Topaz Finance. We are haggling as to who should cover the costs of the transfer of equity. Should this be split or is one party obliged to cover the legal bill?
  • How and when do I cover the costs of stamp duty payable for the transfer of equity in my property in my sole name which is happening simultaneously with a remortgage via Topaz Finance?
  • My partner and I co-own a house in Blaenavon . Mortgage is with Topaz Finance. I wish to transfer full ownership to him with no payment of money but without using a conveyancing solicitor. Is this likely to be straightforward?
  • Is it possible to transfer the equity held in my property with my Topaz Finance mortgage?
  • I own a property in Ampthill , with a Topaz Finance mortgage with my former husband. Him and his fiance are going to acquire my share. We had approval from Topaz Finance to substitute my name with hers. The transfer of equity has to be done by a conveyancing solicitor for Topaz Finance (apparently). Is it possible for us to deal with the Land Registry formalities?

Questions that your conveyancing solicitor is likely to ask about your Topaz Finance Transfer of Equity

Please let us know of you wish us to draw up a Declaration of Trust. If so are you willing to incur the additional fee (beyond the Transfer of Equity fee)?

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..

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

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

Have you approached Topaz Finance to obtain consent to the Transfer of Equity

Information to consider in further to the above Topaz Finance transfer of equity information :

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 properties

If your property is leasehold, the lease may require that you obtain the consent of the landlord. If such terms are not adhered to you may be in violation of your covenants under 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 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 conveyancing solicitor 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 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 contained within 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