Free PSD To Template - Is This Allowed?

Is it allowed to take a free PSD template, and convert that to say a HTML template and sell it on ThemeForest?

So the initial free PSD itself would not be included in the sale, I’d just be converting it from a free PSD to a HTML-based item. Naturally, the PSD would not be for sale on ThemeForest and the PSD would have the appropriate license that allows commercial use.

I think it’s not allowed here.
If it’s Free PSD then some one has draw it and you need ask permission first. TF not allowing and actually didn’t tested it before.

No you can’t do this

If you need a design try partnering with a PSD designer on TF

Thanks for the replies, I’ve partnered before so was just curious if this was an option too.