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Are you in need of a Transfer of Equity with a Topaz Finance plc mortgage? Failing to check that a lawyer is on the Topaz Finance plc list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Examples of recent questions relating to Topaz Finance transfer of equity

  • My wife and I have 50:50 shares in a buy to let. I am a higher rate tax payer. Ideally I wish to complete a transfer of equity to her sole name in order mitigate tax on rental income. If Topaz Finance are content with this the legal fees are not high. What are the implications when we sell? As I would no longer be on the title documents am I giving up my CGT relief.
  • Can you tell me how to have a person removed off the title documents to a property where the mortgage is with Topaz Finance
  • My partner and I co-own a house in Friern Barnet . Home loan is with Topaz Finance. I wish to transfer full ownership to him with no payment of money but without using a lawyer. Do you think this should be simple?
  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with Topaz Finance?
  • I am in the process of removing a name from a joint mortgage and the Topaz Finance require me to use a conveyancer to carry out the paperwork. Can you recommend a reasonably priced Sedgefield conveyancer to deal with the transfer of equity? They need to be on the Topaz Finance conveyancing panel.
  • What if my application doesn't meet Topaz Finance lending criteria for a transfer of equity?
  • What is the process for adding or removing names (transfer of equity) to or from my Topaz Finance mortgage account?

Sample of questions in a conveyancing solicitor questionnaire concerning a Topaz Finance Transfer of Equity

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?

Please provide the name(s) and addresse(s) of anyone to be added to the property title?

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

Where you are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

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

Please provide a copy of your National Insurance Number?

Caveats to be read in supplemental 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

Should the tenure of your property be leasehold, 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 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 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 varies based on the market value of the property at finalisation 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 lawyer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Content 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