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Rooftop Mortgages

Sample questions relating to Rooftop Mortgages transfer of equity

  • Rooftop Mortgages yesterday agreed I can take over the home loan on my home. I previously applied for a transfer of equity but presumably there is a transfer of ownership at HMLR on top?
  • My current mortgage is with Rooftop Mortgages. Can I transfer equity to someone who is not yet 18 years old?
  • Do I need legal representation when doing a transfer of equity where the mortgage is to remain with Rooftop Mortgages?
  • I already have a mortgage with Rooftop Mortgages and am maintaining my current mortgaging but wish to have it in my sole name so my former partner will no longer be on the mortgage. How long do Rooftop Mortgages take to process the application?
  • I am refinancing my flat in Sedgefield does my lawyer need to be on the Rooftop Mortgages Solicitor panel. The conveyancing also involves a transfer of equity.
  • Is it possible to apply to request a further advance from Rooftop Mortgages as part of a Transfer of Equity?
  • At what point do I pay the Stamp Duty Land Tax payable for the transfer of equity in my house in my name alone which is happening simultaneously with a refinancing with Rooftop Mortgages?

Sample of questions in a lawyer form concerning a Rooftop Mortgages Transfer of Equity

Please let us know of you wish us to draft you Declaration of Trust. If so are you happy to pay for the further fee (beyond the Transfer of Equity fee)?

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

Has one of the registered proprietors died? If so please forward 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 give details of the amount?

Please give the details of those who jointly own the premises with you?

If are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

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

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

Should the tenure of your property be leasehold, 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.

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 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 the conclusion 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 conveyancer 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.

Content 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.


Frequently asked questions relating to Rooftop Mortgages transfer of equity