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Rooftop Mortgages

Common questions relating to Rooftop Mortgages transfer of equity

  • What should I be budgeting for when it comes to what conveyancing fees are for a transfer of equity? I need to transfer equity and remortgage - moving over to Rooftop Mortgages - and have been quoted £350 including VAT by Rooftop Mortgages's approved conveyancer, Have I been over quoted?
  • I am under the impression we would need at least AP1 and TR1. Is this true?
  • Me and my former partner and I are searching for an affordable conveyancing solicitor to assist in a transfer of equity and remortgage with Rooftop Mortgages. I want to avoid being ripped off and there are many conveyancing organisations who do transfer of equity conveyancing out there...how do I know which one is best appoint?
  • I am hoping to refinance my maisonette in Miles Platting moving from Godiva Mortgages to Rooftop Mortgages. The maisonette is jointly owned but wish for it to be in my name only once I transfer. My former partner is OK with this and is happy to transfer equity but neither of us want to get a second conveyancer involved.
  • Have recently separated from my ex of 18 years. I'm now living with my parents again and she wishes to remain in the flat and pay me off. What percentage am I entitled to. Is it half of the equity after redeeming the mortgage with Rooftop Mortgages? I assume proper valuations are necessary but I really need ensure that I'm getting the best deal
  • Can you tell me how to have a person removed off the deeds to a house if the home loan is with Rooftop Mortgages
  • I got divorced three years ago. Foolishly I never got around to change the ownership from the current 'joint' status to my name alone. I am ready to do that and so is she. Transfer-of-equity is needed. Rooftop Mortgages is willing to transfer the property and loan in my name (financial checks done). Does she need a solicitor?

Sample of information requested in a lawyer questionnaire relating to Rooftop Mortgages Transfer of Equity

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?

Where you are adding someone on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

Please give the name(s) and addresse(s) of anyone to be added to the title deeds?

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been completed?

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

Has one of the registered proprietors died? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..

Caveats to be read in in addition to the above Rooftop Mortgages transfer of equity information :

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 Rooftop Mortgages conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

If your property is leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such conditions are not complied with you may be in violation 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 pursuant to 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 Rooftop Mortgages 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 Rooftop Mortgages 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.
If you do not keep up the payments on your mortgage with Rooftop Mortgages your property may be repossessed.

Preparing the Transfer of Equity with a Rooftop Mortgages Mortgage

When it comes to preparing the the Land Registry documents your conveyancing solicitor should in the ‘consideration’ panel choose the first option, if consideration is given; otherwise ignore the consideration panel altogether.

If Rooftop Mortgages 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.

Content 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.


Frequently asked questions relating to Rooftop Mortgages transfer of equity