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Rooftop Mortgages

Sample questions relating to Rooftop Mortgages transfer of equity

  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with Rooftop Mortgages?
  • I am led to believe we would need at least AP1 and TR1. Is this true?
  • My wife and I have equal shares in a investment property. I am a higher rate tax payer. Preferably I wish to complete a transfer of equity into her name to reduce our tax on rental income. Assuming Rooftop Mortgages are fine with this the legal fees are inexpensive. However what happens when we dispose of the property? Would my GGT relief be lost.
  • I am in the process of removing a name from a joint mortgage and the Rooftop Mortgages need me to use a conveyancing solicitor to carry out the legalities. Can you recommend a reasonably priced Timperley lawyer to deal with the transfer of equity? They need to be on the Rooftop Mortgages conveyancing panel.
  • Me and a friend got a joint mortgage with Rooftop Mortgages on a property in 2013. I am now thinking of purchasing a flat by myself and my friend would like to buy me out. Assuming we can agree a figure where do we go? Is there likely to be any problem with Rooftop Mortgages with him being responsible for the total mortgage rather than only half of it?
  • Having been a number of years apart I have opted to give up my share of our apartment to my husband who is refinancing with Rooftop Mortgages. Could this transfer of equity be completed inside 28 days?
  • As things stand I have a joint Rooftop Mortgages mortgage with my cousin and am looking into the feasibility of him taking on the outstanding mortgage and subtracting myself from it, so as to enable me to purchase a property with my fiance. The remaining mortgage is about 250k, and the property value is approx 500k. Is this a transfer of equity? Is land tax involved?

Questions that your conveyancing solicitor may ask in relation to your Rooftop Mortgages Transfer of Equity

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?

Please give the details of anyone to be removed from the property title?

Can you give the name(s) and addresse(s) of those who jointly own the property with you?

Who will be responsible for the costs of the Transfer of Equity?

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

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

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

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 titles

Should the tenure of your property be leasehold, the lease may require that you obtain the consent of the landlord. If such terms are not adhered to you may be in violation of your covenants under the lease. This could potentially result in the freeholder taking enforcement action against you.

Indemnity Insurance

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 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 varies based 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 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 lawyer 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.


Frequently asked questions relating to Rooftop Mortgages transfer of equity