Sample questions relating to Rooftop Mortgages transfer of equity

• Online research 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 where I am transferring equity and at the same time switching mortgage with Rooftop Mortgages
• Rooftop Mortgages have today agreed I can take over the mortgage on the flat. I previously applied for a transfer of equity but is this a transfer of ownership at the Land Registry in addition?
• Have recently split up with my ex of 18 years. I'm now living with my parents again and she wishes to remain in the flat and buy me out. What portion am I entitled to. Is it half of the equity after redeeming the Rooftop Mortgages home loan? I assume proper valuations are required but I really need ensure that I'm getting the best deal
• My divorce has gone through as is the consent order. Now I need to address the transfer of equity at the land registry and the Rooftop Mortgages home loan. I have contacted Rooftop Mortgages for the transfer of equity forms. What happens next?
• I acquired a property with my brother five.seven years ago Since then, we have both got married. We are now intending to do a transfer of equity so my name comes off the Rooftop Mortgages mortgage. There is a meaningful difference between the value the mortgage company hold and what the property would sell for currently. Can you offer any advice?
• My partner and myself jointly own a BTL. I am a higher rate tax payer. Preferably I would like to complete a transfer of equity into her name to reduce our tax on rental income. If Rooftop Mortgages are content with this the legal fees are not high. However what happens when we sell? Would my GGT relief be lost.
• My Rooftop Mortgages mortgage is in joint names with ex, he is agreeable to be removed and put the house in my name alone. Rooftop Mortgages will permit the transfer of equity to me solely. Do Rooftop Mortgages contact my employer to verify my salary?

Sample of information requested in a lawyer questionnaire relating to Rooftop Mortgages 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 premises

Should the tenure of your property be leasehold, the lease may require that you have a license to do so from the landlord. If such conditions are not strictly observed 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 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 lawyer 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 market value 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 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 lawyer 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.