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Rooftop Mortgages

Recently asked questions relating to Rooftop Mortgages transfer of equity

  • Two years ago I bought a property without my partner's name on the deeds. My lawyer claimed 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?
  • Will I incur any fees for a Transfer of Equity where the current mortgage is with Rooftop Mortgages?
  • My partner and I jointly own a house in Littleborough . Home loan is with Rooftop Mortgages. I would like to transfer full ownership to him with no exchange of money but without using a lawyer. Do you think this should be easy to so?
  • I am completing a Rooftop Mortgages transfer of equity request and have arrived at the part that asks about debts etc. There are some debts that I have been reducing over a long period, I understand that they no longer remain my credit score. Must I disclose these?
  • My brother and I got a joint mortgage with Rooftop Mortgages on a flat a couple of years ago. I am now looking to get a house on my own and my friend would like to buy me out. On the basis that we can settle on an amount where do we go? Would there be any potential problem with Rooftop Mortgages with him being on the hook for the total mortgage rather than only part of it?
  • Have recently separated from my ex of thirty years. I'm now living with my mum and dad and she wishes to stay in the flat and buy me out. What percentage am I entitled to. Is it 50% of the equity after redeeming the Rooftop Mortgages home loan? I assume proper valuations are necessary but I would like to be confident that I'm getting I am not being taken advantage of
  • Having been a number of years separated I have opted to give up my interest in our house to my husband who is re-mortgaging with Rooftop Mortgages. Can a transfer of equity be completed inside one month?

Examples of information requested in a lawyer 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?

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

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

Please give the details of anyone to be added to the title deeds?

Please give the details of anyone to be removed from the property title?

Please provide a copy of your National Insurance Number?

General Advice to read in supplemental 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 premises

If your property is leasehold, provisions in the lease may have a requirement for notices to be served and that you have a license to do so from the landlord. If such conditions are not complied with you may be in breach of the lease. This could potentially result in 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 varies based 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 conveyancing solicitor 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