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Topaz Finance transfer of equity example support desk enquires

  • I am in the process of removing a name from a joint mortgage and the Topaz Finance require me to use a conveyancing solicitor to carry out the conveyancing. Can you recommend a reasonably priced Miles Platting conveyancer to deal with the transfer of equity? They need to be on the Topaz Finance conveyancing panel.
  • I am looking for a conveyancing solicitor to deal with my transfer of equity. Topaz Finance are dealing with the remortgage. I considered asking my financial adviser. I understand he may get a referral fee for recommending a firm, but also of benefit will be that he knows the conveyancer, has dealt with them before. Is my logic correct?
  • I own a apartment in Timperley , with a Topaz Finance mortgage with my ex partner. Him and his new partner are going to buy me out. We had consent from Topaz Finance to substitute my name with hers. The transfer of equity needs to be completed by a lawyer for Topaz Finance (apparently). Can we do the Land Registry formalities?
  • I recently purchased a flat without my fiance’s name on the ownership paperwork. My conveyancer claimed it is because she was not in the loan offer with Topaz Finance. Is it possible for me to add her name on the documents at HMLR?
  • I am under the impression we would need at least AP1 and Transfer Deed. Is this true?
  • I already have a mortgage with Topaz Finance and am keeping my existing mortgaging but applying to have it in my name alone so my former wife won't be on it any longer. How long can it take for the forms to be processed?
  • I am thinking of mortgaging my flat in Blaenavon does my lawyer have to be on the Topaz Finance Conveyancing panel. The conveyancing also involves a transfer of equity.

Questions that your conveyancing solicitor could ask about your Topaz Finance Transfer of Equity

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

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?

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

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?

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

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

General Advice to read in supporting the above Topaz Finance transfer of equity Advice :

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, the lease may require that you obtain the consent of the freeholder. If such conditions are not complied with 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 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 is dependent on the market value 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.

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