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RBS- First Active

Examples of recent questions relating to RBS- First Active transfer of equity

  • I acquired a property with a friend five.seven years ago Since then, we have both got married. We are now intending to do a transfer of equity so my name comes off the RBS- First Active mortgage. There is a 40k difference between the value the bank hold and what the property would sell for currently. Can you offer any advice?
  • I am thinking of mortgaging my property in Miles Platting does my lawyer have to be on the RBS- First Active Conveyancing panel. The conveyancing also involves a transfer of equity.
  • How do I go about adding or subtracting names (transfer of equity) to or from my RBS- First Active mortgage account?
  • Last year purchased a property without my partner's name on the title documents. My lawyer claimed it is because she was not in the loan offer with RBS- First Active. I'm wondering is there any way that I can add her name on the documents at HM Land Registry?
  • I am filling out a RBS- First Active transfer of equity request and have arrived at the part that asks about defaults etc. I do some debts that I have been paying off since 2008, in fact they have long since disappeared from my credit score. Do I need to declare these?
  • I am am in need of a conveyancing solicitor to undertake my transfer of equity. RBS- First Active are dealing with the remortgage. I thought of asking my mortgage broker. I am lead to believe he will likely receive a kickback for suggesting a firm, but also of benefit will be that he knows the conveyancer, has a working relationship with them. Any flaws you see in this way of thinking?
  • After four years separated I have opted to relinquish up my share of our former home to my husband who is re-mortgaging with RBS- First Active. Can a transfer of equity be done inside 28 days?

Information that may be required from your conveyancer is likely to ask in relation to your RBS- First Active Transfer of Equity

Is it the case that one of the registered proprietors passed away? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..

Please give the details of those who jointly own the property with you?

Please give the name(s) and addresse(s) of anyone to be added to the title deeds?

Please provide a copy of your National Insurance Number?

Please let us know of you wish us to draw up a Declaration of Trust. If so are you willing to incur the additional fee (beyond the Transfer of Equity fee)?

Is the transfer of equity subject to a court order? If yes please supply a copy

Information to consider in supplemental the above RBS- First Active transfer of equity Info :

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 RBS- First Active conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

If your property is leasehold, provisions in the lease may require that you have a license to do so from the landlord. If such terms are not adhered to you may be in violation of your covenants under the lease. This could trigger 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 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 conveyancer 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 finalisation of the transfer of equity transaction.
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 lawyer 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 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