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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

  • I am under the impression we would need at least AP1 and Transfer Deed. Is this true?
  • My former wife are planning to get a conveyancer in place for a remortgage with RBS- First Active. Transfer of Equity conveyancing is also neededI have used the different comparison based services and the results are from all over UK. Do we need to have a lawyer local to us?
  • What are the average solicitors costs are for a transfer of equity? I need to transfer equity and refinance - moving over to RBS- First Active - and have been quoted £350 including VAT by RBS- First Active's approved lawyer, Have I been over quoted?
  • What if my application doesn't meet RBS- First Active lending criteria for a transfer of equity?
  • I own a property in Timperley , with a RBS- First Active mortgage with my former husband. Him and his fiance are going to acquire my share. We had approval from RBS- First Active to remove my name with hers. The transfer of equity has to be done by a conveyancer for RBS- First Active (apparently). Can we do the Land Registry change?
  • Will I have to pay any fees for a Transfer of Equity where the existing mortgage is with RBS- First Active?
  • I am answering a RBS- First Active transfer of equity form and have arrived at the section concerning debts etc. I do some debts that I have been clearing since 2008, I understand that they have long since disappeared from my credit records. Must I reveal these?

Examples of questions in a conveyancer form relating to RBS- First Active 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

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

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?

Please provide the name(s) and addresse(s) of anyone who jointly owns the property with you?

If you are adding a person on to the property how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

Please provide a copy of your National Insurance Number?

General Advice to 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 properties

Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in violation of the lease. This could trigger 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 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 is dependent on the market value of the property at finalisation 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 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 conveyancer 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