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Rooftop Mortgages

Common questions relating to Rooftop Mortgages transfer of equity

  • At what stage do I pay the Stamp Duty Land Tax due for the transfer of equity in my house in my name alone which is taking place at the same time as a switching mortgage with Rooftop Mortgages?
  • I am planning on removing a name from a joint mortgage and the Rooftop Mortgages require me to use a lawyer to carry out the paperwork. 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.
  • My existing home loan is with Rooftop Mortgages. Can I transfer equity to someone who is not yet 18 years old?
  • I am selling my equity in apartment in Woodside to the other co-owners fiance, they are reapplying to Rooftop Mortgages. We are haggling as to who must cover the charges for the transfer of equity. Should this be shared or is one party liable for the charges for?
  • Online research suggests that solicitors are more expensive than licensed conveyancers for transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor if I need to be transferring equity and simultaneously refinancing with Rooftop Mortgages
  • Rooftop Mortgages have just agreed I can take over the home loan on my home. I had applied for a transfer of equity but is this a transfer of ownership of the title deeds on top?
  • I already have a home loan with Rooftop Mortgages and am keeping my current mortgaging but wish to have it in my name only so my ex will no longer be on the title. How long does the whole transfer of equity process take?

Examples of information requested in a conveyancer form concerning a Rooftop Mortgages Transfer of Equity

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been formalised?

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

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

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

Information to consider 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, the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such restrictions are not strictly observed you may be in breach of 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 is dependent on the market value of the property at the conclusion of the transfer of equity transaction.
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 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 conveyancer 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