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Topaz Finance transfer of equity example support desk enquires

  • Have recently split up with my wife of 18 years. I'm now living with my parents again and she wishes to remain in the apartment and buy me out. What portion am I entitled to. Is it half of the equity after discharging the Topaz Finance home loan? I assume proper valuations are required but I really need ensure that I'm getting the best deal
  • Me and a friend got a joint mortgage with Topaz Finance on a property about a year ago. I am now looking to get a flat by myself and my friend would like to buy me out. Once we have agreed a figure what are the next steps? Would there be any potential issue with Topaz Finance with him being on the hook for the total mortgage rather than only half of it?
  • I am planning on removing a name from a joint mortgage and the Topaz Finance need me to use a conveyancing solicitor to carry out the paperwork. Can you recommend a reasonably priced Wakefield conveyancer to deal with the transfer of equity? They need to be on the Topaz Finance conveyancing panel.
  • Topaz Finance have today agreed I can take over the mortgage on my home. I previously applied for a transfer of equity but is this a transfer of ownership of the title deeds on top?
  • My former wife are planning to get a conveyancing solicitor lined up for a new mortgage with Topaz Finance. Transfer of Equity conveyancing is also necessaryI have used the different rating based services and the results are from all over the country. How necessary is it to appoint a conveyancer local to us?
  • What if my application doesn't meet Topaz Finance lending criteria for a transfer of equity?
  • My current home loan is with Topaz Finance. Can I transfer equity to someone under 18 years old?

Examples of questions in a conveyancer form relating to Topaz Finance Transfer of Equity

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?

Please inform us where you are making any payment for the Transfer of Equity and to whom and disclose any such sums?

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

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 list all persons who occupy the property, their respective ages and relationships to you.

Has one of the registered proprietors passed away? If so please provide us with a copy of the Death Certificate, Probate and a copy of the Will.

Caveats to be read in supplemental 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 properties

Should the tenure of your property be leasehold, provisions in the lease may require that you have a license to do so from 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 as a result of 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 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 market value 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 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 contained within 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