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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.

Sample questions relating to Topaz Finance transfer of equity

  • My Topaz Finance home loan is in joint names with ex, he is agreeable to come off the deeds and put the house in my name alone. Topaz Finance have consented to the transfer of equity to me solely. Will Topaz Finance get in touch with my employer to check my salary?
  • Topaz Finance yesterday agreed I can take over the home loan on my home. I have applied for a transfer of equity but presumably there is a transfer of ownership at HMLR in addition?
  • Been reviewing consumer blogs that solicitors are more expensive than conveyancers when it comes to transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor where I am transferring equity and at the same time refinancing with Topaz Finance
  • Taking into account that we have been 5 years apart I have opted to give up my interest in our flat to my husband who is re-mortgaging with Topaz Finance. Can a transfer of equity be completed in one month?
  • Do I need legal advice when doing a transfer of equity where the home loan is to remain with Topaz Finance?
  • Am I best advised cancel my mortgage payments with Topaz Finance as soon as a date for my remortgage and transfer of equity has been set?
  • What if my application doesn't meet Topaz Finance lending criteria for a transfer of equity?

Examples of information requested in a conveyancing solicitor questionnaire concerning a Topaz Finance Transfer of Equity

If you are adding a person on to the title deeds how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

Has 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..

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

Please provide a copy of your National Insurance Number?

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

Information to consider in conjunction with the above Topaz Finance transfer of equity Info :

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 premises

Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such conditions are not strictly observed 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 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 lawyer 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