Rooftop Mortgages transfer of equity: q and a’s

• I recently bought a apartment without my fiance’s name on the deeds. My lawyer said it is due to the fact that she was not in the mortgage with Rooftop Mortgages. I'm wondering is there any way that I can put her name on the documents at HM Land Registry?
• My brother and I got a joint mortgage with Rooftop Mortgages on a apartment about a year ago. I am now looking to get a flat on my own and my friend would like to buy me out. Assuming we can agree a price what are the next steps? Is there likely to be any concerns with Rooftop Mortgages with him being on the hook for the total loan as opposed to only part of it?
• Am I best advised stop my mortgage payments with Rooftop Mortgages once a date for my remortgage and transfer of equity has been set?
• My ex are looking to get a lawyer in place for a remortgage with Rooftop Mortgages. Transfer of Equity conveyancing is also neededI have used the different rating based services and the results are from all over UK. Is it important to instruct a conveyancer local to us?
• My Rooftop Mortgages mortgage is in joint names with ex, he has agreed to come off the deeds and put the house in my name alone. Rooftop Mortgages will permit the transfer of equity to me solely. Will Rooftop Mortgages contact my company to confirm my salary?
• I am am in need of a conveyancer to undertake my transfer of equity. Rooftop Mortgages are dealing with the refinancing. I considered asking my mortgage broker. I understand he may get a referral fee for suggesting someone, but also of benefit will be that he knows the conveyancing solicitor, has dealt with them before. Is my logic flawed?
• My decree absolute has gone through as is the consent order. Now I need to sort out the transfer of equity at the HMLR and the Rooftop Mortgages mortgage. I have contacted Rooftop Mortgages for the transfer of equity forms. What are my next steps?

Questions that your conveyancer could ask regarding your Rooftop Mortgages Transfer of Equity

Caveats to be read in supporting 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 properties

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 conditions 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 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 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 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 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 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.