Sample questions relating to Rooftop Mortgages transfer of equity

• Will I have to pay any fees for a Transfer of Equity where the current home loan is with Rooftop Mortgages?
• Have recently separated from my partner of 18 years. I'm now living with my mum and dad and she wants to stay in the flat and pay me off. What percentage am I entitled to. Is it half of the equity after redeeming the mortgage with Rooftop Mortgages? I assume proper valuations are required but I would like to be confident that I'm getting what I am entitled to
• I already have a mortgage with Rooftop Mortgages and am keeping my current mortgaging but wish to have it in my sole name so my former husband will come off the mortgage. How long does the whole transfer of equity process take?
• Two years ago I bought a house without my fiance’s name on the title. My lawyer claimed it is because she was not in the mortgage with Rooftop Mortgages. Is it possible for me to put her name on the documents at HMLR?
• Can I apply to borrow a further advance from Rooftop Mortgages as part of a Transfer of Equity?
• Online reading suggests that solicitors are more expensive than licensed conveyancers when it comes to transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor if I am transferring equity and simultaneously remortgaging with Rooftop Mortgages
• As things stand I have a joint Rooftop Mortgages mortgage with my cousin and am investigating the possibility of him taking on the outstanding mortgage and subtracting myself from it, to enable me to purchase somewhere with my fiance. The remaining mortgage is approx 200k, and the property value is in the region 500k. Is this a transfer of equity? Is land tax due?

Sample of information requested in a lawyer questionnaire concerning a Rooftop Mortgages Transfer of Equity

General Advice to read in supplemental 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 premises

If your property is leasehold, 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 potentially result in 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 conveyancer 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 finalisation of the transfer of equity conveyancing.

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 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.