Rooftop Mortgages transfer of equity example support desk enquires

• My ex-wife and I are are seeking to find a responsive conveyancing solicitor to assist in a transfer of equity and refinance with Rooftop Mortgages. I am aware of the dangers of getting ripped off but with many conveyancing firms who do transfer of equity conveyancing out there...who do I opt for?
• What can I do where I am not happy with the conveyancing solicitor who conducted my transfer of equity conveyancing?
• Have recently separated from my ex of thirty years. I'm now living with my parents again and she wants to stay in the flat and pay me off. What portion am I entitled to. Is it half of the equity after redeeming the mortgage with Rooftop Mortgages? I assume proper valuations are necessary but I really need ensure that I'm getting I am not being walked over
• I already have a home loan with Rooftop Mortgages and am keeping my existing mortgaging but applying to have it in my name alone so my ex will come off the deeds. How long can it take for the application to be processed?
• Is it possible to apply to request a further advance from Rooftop Mortgages as part of a Transfer of Equity?
• I purchased a house with a friend five.seven years ago Since purchasing the property, we have both got married. We are now looking to do a transfer of equity so my name is removed the Rooftop Mortgages mortgage. There is a 30k difference between the value the Rooftop Mortgages hold and what the property would sell for currently. Can you offer any advice?
• My Rooftop Mortgages home loan is in joint names with ex, he is agreeable to be removed and put the house in my name alone. Rooftop Mortgages have consented to the transfer of equity to my individual name. Will Rooftop Mortgages write my boss to confirm my salary?

Questions that your conveyancing solicitor is likely to ask in relation to your Rooftop Mortgages Transfer of Equity

Caveats to be read in supplemental the above Rooftop Mortgages transfer of equity Advice :

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

If your property is leasehold, the lease may require that you have a license to do so from the landlord. If such restrictions are not strictly observed you may be in violation of 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 situations, 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 is dependent on the valuation of the property at the time of completion 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 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.