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Are you in need of a Transfer of Equity with a The Royal Bank of Scotland plc First Active mortgage? Failing to check that a lawyer is on the The Royal Bank of Scotland plc First Active list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

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

  • My financial adviser has recommended their conveyancer for my Transfer of Equity plus remortgage with RBS- First Active - Is it not simpler advisable to just use them?
  • My former husband are looking to get a conveyancer lined up for a new mortgage with RBS- First Active. Transfer of Equity conveyancing is also neededI have used the different comparison based tools and the results are from all over UK. Do we need to appoint a conveyancing solicitor local to us?
  • What are my options where I am unhappy with the lawyer who did my transfer of equity transaction?
  • My ex-wife and I are are looking to find an affordable conveyancing lawyer to help me sell in a transfer of equity and refinance with RBS- First Active. I really don't want to get ripped off but with various conveyancing practices who do transfer of equity conveyancing out there...how do I know which one to select?
  • Will I incur any charges for a Transfer of Equity where the existing mortgage is with RBS- First Active?
  • What if my application doesn't meet RBS- First Active lending criteria for a transfer of equity?
  • How much the typical conveyancing costs are for a transfer of equity? I'm in the process of remortgaging - moving over to RBS- First Active - and have been quoted £250 including VAT by RBS- First Active's appointed lawyer, Is this a reasonable price?

Questions that your conveyancer could ask regarding your RBS- First Active Transfer of Equity

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

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been formalised?

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

Will there be any consideration monies passing between the parties for the Transfer of Equity? If so, please state the amount and who is to receive what amounts

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

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

Caveats to be read in further to 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 titles

Should the tenure of your property be leasehold, the lease may require that you obtain the consent of 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 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 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 varies based on the valuation of the property at the conclusion of the transfer of equity conveyancing.
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 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 provided on 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