Common questions relating to Rooftop Mortgages transfer of equity
- I am led to believe we would need at least AP1 and TR1. Is this true?
- I am looking for a conveyancer to deal with my transfer of equity. Rooftop Mortgages have been approached for a refinancing. I thought of asking my financial adviser. I understand he may get a kickback for suggesting someone, but also of benefit will be that he knows the conveyancer, has a working relationship with them. Any flaws you see in this way of thinking?
- I am completing a Rooftop Mortgages transfer of equity application and have arrived at the part concerning defaults etc. There are some debts that I have been paying off over a long period, I understand that they have long since disappeared from my credit score. Do I need to declare these?
- Law week I split up with my ex of twenty years. I'm now living with my mum and dad and she wishes to stay in the flat and buy me out. What portion do I get. Is it half of the equity after redeeming the Rooftop Mortgages home loan? I assume proper valuations are required but I would like ensure that I'm getting what I am entitled to
- I am in the process of removing a name from a joint mortgage and the Rooftop Mortgages need me to use a lawyer to carry out the paperwork. Can you recommend a reasonably priced Winchelsea
conveyancing solicitor to deal with the transfer of equity? They need to be on the Rooftop Mortgages conveyancing panel.
- I bought a house with my brother six years ago Since buying the property, we have both got married. We are now looking to do a transfer of equity so my name is taken off the Rooftop Mortgages mortgage. There is a 30k difference between the value the lender say and what the property would sell for currently. Can you offer any advice?
- Me and a friend got a joint mortgage with Rooftop Mortgages on a flat a couple of years ago. I am now looking to get a apartment by myself and my friend would like to buy me out. Once we have agreed an amount where do we go? Would there be any potential problem with Rooftop Mortgages with him being on the hook for the total mortgage rather than only part of it?
Questions that your lawyer may ask about your Rooftop Mortgages Transfer of Equity
Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?
Have you approached Rooftop Mortgages to seek consent to the Transfer of Equity
Please inform us where you are providing any payment for the Transfer of Equity and to whom and give details of any such sums?
Is it the case that one of the registered owners passed away? If so please supply us with a copy of the Death Certificate, Probate and a copy of the Will.
Please provide the details of anyone to be added to the title deeds?
Can you give the name(s) and addresse(s) of anyone who jointly owns the property with you?
Important warnings to consider in in addition to the above Rooftop Mortgages transfer of equity Questions and Answers :
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 premises
Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such conditions are not strictly observed you may be in breach of your covenants under the lease. This could potentially result in the freeholder taking enforcement action against you.
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 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 varies based on the valuation 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 conveyancer 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 conveyancer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.
Information contained within 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.