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Questions and answers: Topaz Finance transfer of equity

  • Have recently split up with my wife of thirty years. I'm now living with my parents again and she wants to stay in the flat and pay me off. What portion do I get. Is it 50% of the equity after redeeming the mortgage with Topaz Finance? I assume proper valuations are necessary but I really need to be confident that I'm getting the best deal
  • Is there such a thing a transfer of equity stamp duty calculator?
  • My former husband are seeking to get a conveyancer in place for a refinance with Topaz Finance. Transfer of Equity conveyancing is also necessaryI have used the different rating based tools and the results are from all over UK. Is it important to appoint a lawyer local to us?
  • What are my options where I am dissatisfied with the conveyancer who handled our transfer of equity transaction?
  • Topaz Finance yesterday agreed I can take over the mortgage on the flat. I have applied for a transfer of equity but presumably there is a transfer of ownership at the Land Registry as well?
  • I bought a flat with a friend in 2009 Since then, 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 significant difference between the value the bank hold and what the property would sell for currently. Can you offer any advice?
  • The financial adviser has recommended their conveyancing solicitor for our Transfer of Equity plus remortgage with Topaz Finance - won’t it be advisable to just use them?

Questions that your lawyer could ask in relation to your Topaz Finance Transfer of Equity

Please give the details of anyone to be removed from the property title?

Has consent been obtained from Topaz Finance to the proposed 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 formalised?

Where you are adding someone on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

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?

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

Information to consider 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, provisions in the lease may require that you have a license to do so from the freeholder. If such terms are not adhered to you may be in breach 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 as a result of 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 is dependent on the market value of the property at finalisation 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 lawyer 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 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