Together Personal Finance transfer of equity example support desk enquires
- Three years ago I bought a property without my fiance’s name on the title. My conveyancer said it is because she was not in the mortgage with Together Personal Finance. I'm wondering is there any way that I can add her name on the title?
- I intend to refinance my maisonette in Witham
switching from Barclays to Together Personal Finance. The home is currently in joint names but propose for it to be in my sole name as and when I remortgage. My husband is OK with this and is happy to transfer equity but neither of us want to get a second conveyancing solicitor involved.
- I co-own a apartment in Littleborough
, with a Together Personal Finance loan with my ex husband. He and his new partner are going to buy me out. We had approval from Together Personal Finance to substitute my name with hers. The transfer of equity has to be done by a lawyer for Together Personal Finance (supposedly). In order to save fees can I deal with the Land Registry change?
- My wife and myself have 50:50 shares in a investment property. I am a top rate tax payer. Ideally I would like to complete a transfer of equity to her sole name in order mitigate tax on the letting income. Assuming Together Personal Finance are happy with this the legal fees are inexpensive. What are the implications when we sell? Would my GGT relief be lost.
- My Together Personal Finance home loan is in joint names with ex, who is agreeable to be removed and let me have the property. Together Personal Finance have consented to the transfer of equity to me solely. Do Together Personal Finance write my employer to check my salary?
- I am looking for a conveyancing solicitor to deal with my transfer of equity. Together Personal Finance are dealing with the refinancing. I considered asking my financial adviser. I am lead to believe he will likely get a referral fee for suggesting someone, but also of benefit will be that he knows the conveyancing solicitor, has dealt with them before. Any flaws you see in this way of thinking?
- Am I best advised stop my mortgage payments with Together Personal Finance as soon as a date for my remortgage and transfer of equity has been agreed?
Information that may be required from your lawyer could ask about your Together Personal Finance Transfer of Equity
Please give the name(s) and addresse(s) of anyone to be added to the property title?
Is the transfer of equity subject to a court order? If yes please supply a copy
Is there to be any consideration monies passing between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive what figure
We need you to provide the National Insurance Number(s) of all the new owners (required for completion of the SDLT Form)
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?
Who will be responsible for the costs of the Transfer of Equity?
General Advice to read in in addition to the above Together Personal Finance transfer of equity Questions and Answers :
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 Together Personal Finance conveyancing panel and accountant before transferring equity.
Transfer of Equity Conveyancing for Leasehold titles
Should the tenure of your property be leasehold, provisions in the lease may require that you have a license to do so from the freeholder. If such conditions are not strictly observed you may be in breach of 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 Together Personal 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 Together Personal 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 valuation of the property at the conclusion of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with Together Personal Finance your property may be repossessed.
Preparing the Transfer of Equity with a Together Personal 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 Together Personal 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 conveyancing solicitor 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 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.
