Together Personal Finance transfer of equity: q and a’s

• My former wife are looking to get a conveyancing solicitor in place for a remortgage with Together Personal Finance. Transfer of Equity conveyancing is also neededI have used the different comparison based websites and the results are from all over England and Wales. How necessary is it to instruct a lawyer local to us?
• I am mortgaging my home in Romsey does my lawyer need to be on the Together Personal Finance Solicitor panel. The conveyancing also involves a transfer of equity.
• I jointly own a house in Timperley , with a Together Personal Finance mortgage with my ex husband. Him and his new partner are going to acquire my share. We had the go ahead from Together Personal Finance to substitute my name with hers. The transfer of equity has to be completed by a conveyancing solicitor for Together Personal Finance (apparently). Is it possible for us to deal with the Land Registry change?
• I intend to refinance my apartment in Timperley moving from Natwest to Together Personal Finance. The maisonette is jointly owned but I would like it to be in my name only as and when I switch. My wife has agreed to this and is willing to transfer equity but neither of us want to incur conveyancer fees.
• Together Personal Finance have today agreed I can take over the home loan on the house. I previously applied for a transfer of equity but presumably there is a transfer of ownership of the title deeds as well?
• Me and my partner co-own a house in Winchelsea . Mortgage is with Together Personal Finance. I would like to transfer full ownership to him with no passing of money but without using a conveyancer. Do you think this should be straightforward?
• What is the process for having someone removed off the deeds to a property where the mortgage is with Together Personal Finance

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

Important warnings to consider in supporting the above Together Personal 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 Together Personal 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 freeholder. If such terms are not adhered to you may be in breach of the lease. This could potentially result in 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 lawyer 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 transaction.

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 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 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.