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RBS- First Active

RBS- First Active transfer of equity example support desk enquires

  • I am in the process of refinancing my home in Littleborough does my lawyer need to be on the RBS- First Active Solicitor panel. The conveyancing also involves a transfer of equity.
  • I understand we would need at least AP1 and TR1. Is this true?
  • I plan to remortgage my apartment in Crabtree changing from Lloyds TSB to RBS- First Active. The apartment is currently in joint names but propose for it to be in my name only once I switch. My husband has verbally consented to this and is happy to sign a form but neither of us want to incur conveyancer fees.
  • I am filling out a RBS- First Active transfer of equity application and have arrived at the section regarding debts etc. There are some debts that I have been reducing since 2007, I understand that they no longer remain my credit score. Am I obliged to set these out?
  • Have recently separated from my partner of 18 years. I'm now back with my parents again and she wishes to remain in the property and buy me out. What percentage am I entitled to. Is it half of the equity after redeeming the RBS- First Active home loan? I assume proper valuations are necessary but I really need to be sure that I'm getting the best deal
  • When it comes to transfer of equity conveyancing involving a remortgage with RBS- First Active 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
  • What if my application doesn't meet RBS- First Active lending criteria for a transfer of equity?

Information that may be required from your conveyancing solicitor may ask about your RBS- First Active Transfer of Equity

Please provide the details of anyone to be added to the property title?

Please inform us if you are making any payment for the Transfer of Equity and to whom and disclose the amount?

Please provide the details of anyone to be extracted from the title deeds?

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

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

If you are adding a person on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

Caveats to be read in supplemental the above RBS- First Active transfer of equity Info :

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 premises

Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such conditions are not complied with you may be in breach 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 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 conveyancing solicitor 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 valuation 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 RBS- First Active.

Preparing the Transfer of Equity with a RBS- First Active 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 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 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 does not constitute 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