Rooftop Mortgages transfer of equity example support desk enquires
- I am in the process of removing a name from a joint mortgage and the Rooftop Mortgages need me to use a conveyancing solicitor to carry out the legalities. Can you recommend a reasonably priced Wakefield
lawyer to deal with the transfer of equity? They need to be on the Rooftop Mortgages conveyancing panel.
- I am looking for a lawyer to deal with my transfer of equity. Rooftop Mortgages are dealing with the remortgage. I considered asking my mortgage broker. I understand he will likely get a referral fee for suggesting a firm, but also of benefit will be that he knows the conveyancer, has a working relationship with them. Is my logic flawed?
- Can I transfer the equity held in my property with my Rooftop Mortgages home loan?
- I own a apartment in Crabtree
, with a Rooftop Mortgages mortgage with my ex husband. Him and his fiance are going to buy me out. We had approval from Rooftop Mortgages to replace my name with hers. The transfer of equity has to be completed by a conveyancer for Rooftop Mortgages (apparently). Can we do the Land Registry change?
- Have recently separated from my ex of 18 years. I'm now back with my parents again and she wishes to remain in the flat and buy me out. What portion do I get. Is it 50% of the equity after paying off the Rooftop Mortgages home loan? I assume proper valuations are required but I would like to be sure that I'm getting what I am entitled to
- How and when do I incur stamp duty due for the transfer of equity in my property in my sole name which is happening simultaneously with a refinancing via Rooftop Mortgages?
- Last year bought a property without my wife's name on the title documents. My conveyancing solicitor said it is because she is not in the loan offer with Rooftop Mortgages. Is it possible for me to add her name on the title?
Sample of information requested in a conveyancing solicitor questionnaire relating to Rooftop Mortgages Transfer of Equity
Where you are adding someone on to the property how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.
Where you are going to hold 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 give the name(s) and addresse(s) of anyone to be added to the property title?
Please let us know of you wish us to draw up a Declaration of Trust. If so are you happy to pay for the further fee (beyond the Transfer of Equity fee)?
Has consent been obtained from Rooftop Mortgages to the proposed transfer of equity?
Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?
Caveats to be read in in addition to the above Rooftop Mortgages transfer of equity information :
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 require that you have a license to do so from the freeholder. If such terms are not adhered to you may be in violation of your covenants under the lease. This could potentially result in the freeholder taking enforcement action against you.
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 market value 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 lawyer 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.