Examples of recent questions relating to Rooftop Mortgages transfer of equity
- My former husband are planning to get a conveyancer lined up for a refinance with Rooftop Mortgages. Transfer of Equity conveyancing is also requiredI have used the different rating based services and the results are from all over England and Wales. Do we need to have a lawyer local to us?
- My partner and I jointly own a buy to let. I am a higher rate tax payer. Preferably I would like to do a transfer of equity to her sole name in order reduce our tax on the letting income. Assuming Rooftop Mortgages are content with this the legal fees are inexpensive. However what happens when we dispose of the property? As I would no longer be on the title documents would I lose my CGT relief.
- I am am in need of a lawyer to undertake my transfer of equity. Rooftop Mortgages are dealing with the refinancing. I thought of asking my financial adviser. I am lead to believe he may get a referral fee for suggesting a firm, but also of benefit will be that he knows the conveyancing solicitor, has dealt with them before. Is my logic flawed?
- Can I transfer the equity held in my property with my Rooftop Mortgages home loan?
- Will I incur any fees for a Transfer of Equity where the existing home loan is with Rooftop Mortgages?
- Am I best advised cancel the direct debit for my mortgage with Rooftop Mortgages as soon as a date for my remortgage and transfer of equity has been agreed?
- Law week I separated from my wife of thirty years. I'm now back with my parents again and she wishes to remain in the apartment and buy me out. What portion do I get. Is it 50% of the equity after paying off the Rooftop Mortgages home loan? I assume proper valuations are necessary but I would like ensure that I'm getting what I am entitled to
Questions that your conveyancer is likely to ask regarding your Rooftop Mortgages Transfer of Equity
Has one of the registered proprietors passed away? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..
Would you like us to prepare Declaration of Trust. If so are you happy to pay for the additional fee (beyond the Transfer of Equity fee)?
Where you are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?
Who will be responsible for the costs of the Transfer of Equity?
Can you give the name(s) and addresse(s) of those who jointly own the premises with you?
Will there be any payment between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive the same
General Advice to 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 properties
Should the tenure of your property be leasehold, provisions in the lease may require that you obtain the consent of the freeholder. If such terms are not adhered to 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 situations, 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 market value of the property at the conclusion of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Rooftop Mortgages.
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 lawyer 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 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.
