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Rooftop Mortgages transfer of equity: q and a’s

  • I am considering remortgaging my home in Heathfield does my lawyer have to be on the Rooftop Mortgages Solicitor panel. The conveyancing also involves a transfer of equity.
  • I am selling my equity in flat in Hendon to my co-owners fiance, they are reapplying to Rooftop Mortgages. We are debating as to who must pay the fees for the transfer of equity. Is this usually split or is one of us obliged to cover the legal bill?
  • Have recently split up with my wife of twenty years. I'm now back with my mum and dad and she wishes to remain in the property and pay me off. What percentage do I get. Is it 50% of the equity after paying off the Rooftop Mortgages home loan? I assume proper valuations are necessary but I really need ensure that I'm getting what I am entitled to
  • I already have a mortgage with Rooftop Mortgages and am retaining my current mortgaging but applying to have have the equity transferred to my name alone so my former partner will come off the title. How long do Rooftop Mortgages take to deal with the application?
  • I am planning on removing a name from a joint mortgage and the Rooftop Mortgages require me to use a conveyancing solicitor to carry out the conveyancing. Can you recommend a reasonably priced Miles Platting conveyancer to deal with the transfer of equity? They need to be on the Rooftop Mortgages conveyancing panel.
  • My existing mortgage is with Rooftop Mortgages. Can I transfer equity to someone less than 18 years old?
  • My brother and I got a joint mortgage with Rooftop Mortgages on a house in 2013. I am now looking to get a property on my own and my friend would like to buy me out. Assuming we can agree a figure where do we go? Would there be any potential issue with Rooftop Mortgages with him being responsible for the total mortgage rather than only half of it?

Information that may be required from your conveyancing solicitor is likely to ask in relation to your 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 incur the additional fee (beyond the Transfer of Equity fee)?

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?

Please provide a copy of your National Insurance Number?

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

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 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?

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 titles

Should the tenure of your property be leasehold, 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 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 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 is dependent on the valuation of the property at the time of completion of the transfer of equity conveyancing.
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 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.

Content 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