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RBS- First Active

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

  • I am am in need of a conveyancer to handle 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. Is my logic correct?
  • Have recently split up with my partner of thirty years. I'm now back with my mum and dad and she wishes to stay in the apartment and buy me out. What percentage am I entitled to. Is it 50% of the equity after discharging the RBS- First Active home loan? I assume proper valuations are required but I would like ensure that I'm getting what I am entitled to
  • I am planning on removing a name from a joint mortgage and the RBS- First Active need me to use a lawyer to carry out the legalities. Can you recommend a reasonably priced Crabtree conveyancer to deal with the transfer of equity? They need to be on the RBS- First Active conveyancing panel.
  • My fiance and myself have equal shares in a investment property. I am a higher rate tax payer. Preferably I would like to complete a transfer of equity to her sole name in order reduce our tax on rental income. Assuming RBS- First Active are happy with this the legal fees are not high. However what happens when we dispose of the property? Would my GGT relief be lost.
  • Do I need legal advice when doing a transfer of equity where the home loan is to remain with RBS- First Active?
  • I understand we would need at least AP1 and Transfer Deed. Is this true?
  • Me and a friend got a joint mortgage with RBS- First Active on a apartment about a year ago. I am now thinking of buying a apartment on my own and my friend would like to buy me out. On the basis that we can settle on a figure where do we go? Would there be any potential concerns with RBS- First Active with him being solely liable for the total loan rather than only part of it?

Sample of questions in a conveyancing solicitor questionnaire concerning a RBS- First Active Transfer of Equity

Can you give the details of those who jointly own the premises with you?

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

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

Please provide the name(s) and addresse(s) of anyone to be added to the property title?

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 provide the name(s) and addresse(s) of anyone to be extracted from the title deeds?

Information to consider in supporting the above RBS- First Active transfer of equity Advice :

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 properties

If your property is leasehold, 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 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 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 conveyancer 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