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RBS- First Active

RBS- First Active transfer of equity example support desk enquires

  • I am disposing of my equity in flat in Hendon to my co-owners fiance, they are sticking with RBS- First Active being the the existing lender. We are debating as to who must pay the charges for the transfer of equity. Is this usually shared or is one party obliged to cover the fees for?
  • Having been four years estranged I have made the decision to relinquish up my share of our house to my husband who is refinancing with RBS- First Active. Can a transfer of equity be completed within 28 days?
  • My partner and I co-own a flat in Timperley . Home loan is with RBS- First Active. I wish to transfer full ownership to him with no payment of money but without using a conveyancer. Is this likely to be simple?
  • What if my application doesn't meet RBS- First Active lending criteria for a transfer of equity?
  • What is the process for having someone removed from the deeds to a property where the mortgage is with RBS- First Active
  • My -ex-husband and I are in the market for an affordable conveyancing solicitor to assist in a transfer of equity and remortgage with RBS- First Active. I am aware of the possibility of getting ripped off but with plenty conveyancing solicitors who do transfer of equity conveyancing to pick from...how do I know which one is best select?
  • My former husband are seeking to get a lawyer lined up for a remortgage with RBS- First Active. Transfer of Equity conveyancing is also necessaryI have used the different comparison based tools and the results are from all over England and Wales. Is it important to instruct a lawyer local to us?

Questions that your lawyer may ask in relation to your RBS- First Active Transfer of Equity

Has consent been obtained from RBS- First Active to the proposed transfer of equity?

Is it the case that one of the registered owners died? If so please supply us with a copy of all the relevant documents e.g. the will, death certificate etc..

Can you give the name(s) and addresse(s) of those who jointly own the property with you?

Please clarify where you are making any payment for the Transfer of Equity and to whom and specify any such sums?

If 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?

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

Caveats to be read in supporting the above RBS- First Active 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 RBS- First Active conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

Should the tenure of your property be leasehold, provisions in the lease may require that you obtain the consent of 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 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 RBS- First Active 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 RBS- First Active 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 time of completion of the transfer of equity transaction.
If you do not keep up the payments on your mortgage with RBS- First Active your property may be repossessed.

Preparing the Transfer of Equity with a RBS- First Active 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 RBS- First Active 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.

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.


Frequently asked questions relating to RBS- First Active transfer of equity