Sample questions relating to Rooftop Mortgages transfer of equity

• Can I transfer the equity held in my property with my Rooftop Mortgages home loan?
• My Rooftop Mortgages mortgage we jointly entered into with ex, who has agreed to be removed and put the house in my name alone. Rooftop Mortgages have consented to the transfer of equity to me solely. Do Rooftop Mortgages call my employer to confirm my salary?
• Will I have to pay any fees for a Transfer of Equity where the current home loan is with Rooftop Mortgages?
• Is it possible to apply to request a further advance from Rooftop Mortgages as part of a Transfer of Equity?
• I am in the market for a quality conveyancing solicitor to help me sell in a transfer of equity and remortgage with Rooftop Mortgages. I I am fearful of appointing the wrong one and there are so many conveyancing firms who do transfer of equity conveyancing out there...who do I opt for?
• I am thinking of mortgaging my flat in Littleborough does my lawyer need to be on the Rooftop Mortgages Solicitor panel. The conveyancing also involves a transfer of equity.
• Taking into account that we have been a number of years estranged I have opted to transfer my share of the apartment to my husband who is refinancing with Rooftop Mortgages. Can a transfer of equity be completed inside one month?

Questions that your lawyer is likely to ask about your Rooftop Mortgages Transfer of Equity

Caveats to be read in further to the above Rooftop Mortgages transfer of equity Info :

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

If your property is leasehold, provisions in the lease may have a requirement for notices to be served and that you have a license to do so from the freeholder. If such terms are not adhered to you may be in breach 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 conveyancing solicitor 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 valuation of the property at finalisation of the transfer of equity transaction.

Preparing the Transfer of Equity with a Rooftop Mortgages Mortgage

When it comes to preparing the the Land Registry documents your lawyer 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 should not be regarded as 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.