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RBS - Direct Line

Common questions relating to RBS - Direct Line transfer of equity

  • What if my application doesn't meet RBS - Direct Line lending criteria for a transfer of equity?
  • My former wife are looking to get a conveyancing solicitor in place for a remortgage with RBS - Direct Line. Transfer of Equity conveyancing is also requiredI have used the different rating based services and the results are from all over the country. Is it important to have a conveyancer local to us?
  • I am considering mortgaging my house in Blaenavon does my lawyer have to be on the RBS - Direct Line Conveyancing panel. The conveyancing also involves a transfer of equity.
  • I am completing a RBS - Direct Line transfer of equity request and have come to the questions concerning defaults etc. There are some debts that I have been paying off since 2007, I understand that they have long since disappeared from my credit score. Do I need to reveal these?
  • My mortgage broker has recommended their lawyer for our Transfer of Equity plus remortgage with RBS - Direct Line - Is it not simpler better to just use them?
  • My ex-fiance and I are searching for a trustworthy conveyancing solicitor to assist in a transfer of equity and remortgage with RBS - Direct Line. I am aware of the dangers of getting ripped off but with plenty conveyancing practices who do transfer of equity conveyancing out there...how do I know which to select?
  • I got my Decree Absolute in 2010. For some reason I never got around to change the ownership from both our names to just in my name. I now plan to deal with it and there are no objections. Transfer-of-equity is needed. RBS - Direct Line is willing to transfer the property and loan in my name (financial checks done). Does she need a conveyancer?

Questions that your conveyancing solicitor is likely to ask about your RBS - Direct Line Transfer of Equity

If are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

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

Please list all persons who occupy the property, their respective ages and relationships to you.

Have you approached RBS - Direct Line to seek consent to the Transfer of Equity

Please provide the details of anyone who jointly owns the property with you?

General Advice to read in supporting 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 premises

If your property is leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such conditions are not strictly observed you may be in violation of the lease. This could potentially result in 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 conveyancer 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 varies based 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 - Direct Line.

Preparing the Transfer of Equity with a RBS - Direct Line 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 - 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.

Content 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