Common questions relating to Rooftop Mortgages transfer of equity
- When it comes to transfer of equity conveyancing involving refinance with Rooftop Mortgages should I be paying value added tax on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
- I jointly own a house in Romsey
, with a Rooftop Mortgages loan with my former husband. He and his new partner are going to buy me out. We had the go ahead from Rooftop Mortgages to substitute my name with hers. The transfer of equity needs to be done by a lawyer for Rooftop Mortgages (apparently). Is it possible for us to deal with the Land Registry formalities?
- Have recently separated from my ex of thirty years. I'm now living with my parents again and she wishes to remain in the apartment and pay me off. What portion do I get. Is it 50% of the equity after paying off the mortgage with Rooftop Mortgages? I assume proper valuations are required but I really need to be confident that I'm getting the best deal
- What legal advice do I need when doing a transfer of equity where the home loan is to remain with Rooftop Mortgages?
- I am looking for a lawyer to undertake my transfer of equity. Rooftop Mortgages have been approached for a remortgage. I thought of asking my mortgage broker. I understand he will likely receive a kickback for recommending a firm, but also of benefit will be that he knows the lawyer, has a working relationship with them. Is my logic flawed?
- 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 flat by myself and my friend would like to buy me out. Assuming we can agree an amount what happens next? Is there likely to be any problem with Rooftop Mortgages with him being solely liable for the total mortgage as opposed to only half of it?
- I am refinancing my property in Rye
does my lawyer have to be on the Rooftop Mortgages Solicitor panel. The conveyancing also involves a transfer of equity.
Questions that your conveyancer could ask regarding your Rooftop Mortgages Transfer of Equity
Please inform us where you are providing any payment for the Transfer of Equity and to whom and notify us any such sums?
We need you to provide the National Insurance Number(s) of all the new owners (required for completion of the Stamp Duty Land Tax Form)
Is it the case that one of the registered owners died? If so please provide us with a copy of the Death Certificate, Probate and a copy of the Will.
Has consent been obtained from Rooftop Mortgages to the proposed transfer of equity?
If 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 provide the details of anyone to be added to the property title?
Caveats to be read in in addition to the above Rooftop Mortgages transfer of equity Questions and Answers :
Tax and Legal
There are numerous potential 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 titles
If your property is 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 terms are not adhered to you may be in violation of 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 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 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 is dependent on the valuation of the property at the time of completion of the transfer of equity transaction.
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 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 provided 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.