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RBS - Direct Line

Sample questions relating to RBS - Direct Line transfer of equity

  • Will I incur any fees for a Transfer of Equity where the current mortgage is with RBS - Direct Line?
  • My brother and I got a joint mortgage with RBS - Direct Line on a flat in 2013. I am now looking to get a property by myself and my friend would like to buy me out. Assuming we can agree a figure what are the next steps? Is there likely to be any problem with RBS - Direct Line with him being on the hook for the total loan rather than only part of it?
  • What is the process for adding or subtracting names (transfer of equity) to or from my RBS - Direct Line mortgage account?
  • I own a apartment in Dunnington , with a RBS - Direct Line loan with my ex partner. He and his fiance are going to acquire my share. We had the go ahead from RBS - Direct Line to remove my name with hers. The transfer of equity needs to be completed by a conveyancing solicitor for RBS - Direct Line (supposedly). Can we do the Land Registry change?
  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with RBS - Direct Line?
  • After 2 a couple of years separated I have opted to give up my interest in the house to my husband who is re-mortgaging with RBS - Direct Line. Could this transfer of equity be completed within four weeks?
  • My partner and I co-own a property in Dunnington . Mortgage is with RBS - Direct Line. I wish to transfer full ownership to him with no payment of money but without using a lawyer. Is this likely to be straightforward?

Information that may be required from your conveyancer could ask about your RBS - Direct Line Transfer of Equity

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?

Will there be any payment between the parties for the Transfer of Equity? If so, please state the amount and who is to receive the same

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

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

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?

Is it the case that one of the registered owners died? If so please supply us with a copy of the Death Certificate, Probate and a copy of the Will.

Caveats to be read in conjunction with the above RBS - Direct Line 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 - Direct Line conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

If your property is 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 landlord. If such conditions are not strictly observed you may be in breach 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 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 lawyer will check with RBS - Direct Line 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 - Direct Line 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 time of completion of the transfer of equity transaction.
If you do not keep up the payments on your mortgage with RBS - Direct Line your property may be repossessed.

Preparing the Transfer of Equity with a RBS - Direct Line 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 - Direct Line 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 conveyancing solicitor 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 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 - Direct Line transfer of equity