LenderPanel.com

Find a Law Firm for your Transfer of Equity approved by
Rooftop Mortgages

Common questions relating to Rooftop Mortgages transfer of equity

  • I already have a home loan with Rooftop Mortgages and am maintaining my existing mortgaging but wish to have it in my name only so my ex won't be on it any longer. How long can it take for the application to be processed?
  • My fiance and myself equally own a buy to let. I am a higher rate tax payer. Ideally I wish to complete a transfer of equity to her sole name in order reduce our tax on the letting income. If Rooftop Mortgages are content with this the legal fees are not high. What are the implications when we dispose of the property? Would my GGT relief be lost.
  • I purchased a flat with a friend six years ago Since then, we have both got married. We are now looking to do a transfer of equity so my name is removed the Rooftop Mortgages mortgage. There is a 30k difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
  • As things stand I have a joint Rooftop Mortgages mortgage with my cousin and am investigating the option of him taking on the outstanding mortgage and subtracting myself from it, to enable me to purchase somewhere with my fiance. The outstanding mortgage is about 200k, and the property value is approx 600k. Is this a transfer of equity? Is land tax involved?
  • Is there such a thing a transfer of equity stamp duty calculator?
  • How do I go about adding or subtracting names (transfer of equity) to or from my Rooftop Mortgages mortgage account?
  • Do I need legal representation when doing a transfer of equity where the mortgage is to remain with Rooftop Mortgages?

Information that may be required from your conveyancer may ask regarding your Rooftop Mortgages Transfer of Equity

Is it the case that one of the registered owners died? If so please supply us with a copy of all the relevant documents e.g. the will, death certificate etc..

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

Will there be any payment between the parties for the Transfer of Equity? If so, please state the amount and who is to receive what sums

We need you to provide the National Insurance Number(s) of all the new owners (required for completion of the SDLT Form)

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

Can you give the details of anyone who jointly owns the property with you?

Caveats to be read in conjunction with the above Rooftop Mortgages transfer of equity information :

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 obtain the consent of the freeholder. If such conditions are not complied with 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 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 valuation of the property at the time of completion 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 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 provided 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.


Frequently asked questions relating to Rooftop Mortgages transfer of equity