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Common questions relating to Rooftop Mortgages transfer of equity

  • I got my Decree Absolute three years ago. I simply never dealt with the change the ownership from the current 'joint' status to my name alone. I am ready to do that and so is she. Transfer-of-equity is presumably the way forward. Rooftop Mortgages is content to transfer the full equity in my name (financial checks done). Does she need a solicitor?
  • I am led to believe we would need at least AP1 and TR1. Is this true?
  • My existing home loan is with Rooftop Mortgages. Can I transfer equity to someone who is not yet eighteen years old?
  • What if my application doesn't meet Rooftop Mortgages lending criteria for a transfer of equity?
  • Been reviewing consumer blogs that solicitors are more expensive than licensed conveyancers for transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor if I need to be transferring equity and at the same time refinancing with Rooftop Mortgages
  • My Rooftop Mortgages mortgage is in joint names with ex, he is agreeable to come off the mortgage and let me have the property. Rooftop Mortgages will permit the transfer of equity to my individual name. Will Rooftop Mortgages call my boss to confirm my salary?
  • I jointly own a property in Sedgefield , with a Rooftop Mortgages loan with my former partner. Him and his new partner are going to buy me out. We had the go ahead from Rooftop Mortgages to remove 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?

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

Will there be any consideration monies passing between the parties for the Transfer of Equity? If so, please state the amount and who is to receive the same

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

Please provide a copy of your National Insurance Number?

Where 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 name(s) and addresse(s) of anyone to be added to the property title?

Has consent been obtained from Rooftop Mortgages to the proposed transfer of equity?

General Advice to read in supporting 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, 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 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 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 market value of the property at the conclusion of the transfer of equity transaction.
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 conveyancing solicitor 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 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.


Frequently asked questions relating to Rooftop Mortgages transfer of equity