Frequently asked questions relating to Rooftop Mortgages transfer of equity

• Will I have to pay any charges for a Transfer of Equity where the existing mortgage is with Rooftop Mortgages?
• What do I do if I am not happy with the conveyancer who undertook our transfer of equity conveyancing?
• I am answering a Rooftop Mortgages transfer of equity application and have arrived at the questions concerning debts etc. I do some debts that I have been clearing for a number of years, in fact they no longer remain my credit rating. Do I need to reveal these?
• I currently have a joint Rooftop Mortgages mortgage with my brother and am looking into the possibility of him assuming responsibility for the outstanding mortgage and extracting myself from it, to enable me to purchase a place with my partner. The outstanding mortgage is approx 300k, and the property value is approx 450k. Is this a transfer of equity? Is stamp duty payable?
• My wife and I equally own a buy to let. I am a top rate tax payer. Preferably I would like to complete a transfer of equity to her sole name with a view to mitigate tax on rental income. Assuming Rooftop Mortgages are fine with this the legal fees are not prohibitive. What are the implications when we dispose of the property? As I would no longer be on the title documents would I lose my CGT relief.
• When it comes to transfer of equity conveyancing involving refinance with Rooftop Mortgages should I be charged VAT on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
• Three years ago I purchased a flat without my partner's name on the ownership paperwork. My conveyancer said it is due to the fact that she was not in the loan offer with Rooftop Mortgages. I'm wondering is there any way that I can add her name on the deeds?

Questions that your conveyancing solicitor is likely to ask regarding your 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 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 violation of your covenants under the lease. This could potentially result in 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 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 finalisation of the transfer of equity transaction.

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.

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.