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RBS - Direct Line

Are you in need of a Transfer of Equity with a The Royal Bank of Scotland plc Direct Line Mortgages mortgage? Failing to check that a lawyer is on the The Royal Bank of Scotland plc Direct Line Mortgages 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.

Top seven questions relating to RBS - Direct Line transfer of equity

  • How much the typical conveyancing costs are for a transfer of equity? I need to transfer equity and refinance - moving over to RBS - Direct Line - and have been quoted £250 including VAT by RBS - Direct Line's appointed conveyancer, Have I been over quoted?
  • My ex-fiance and I are are looking to find an affordable conveyancing solicitor to assist in a transfer of equity and refinance with RBS - Direct Line. I want to avoid being ripped off and there's various conveyancing solicitors who do transfer of equity conveyancing out there...how do I know which is best select?
  • Is there such a thing a transfer of equity stamp duty calculator?
  • I am answering a RBS - Direct Line transfer of equity application and have arrived at the section regarding debts etc. There are some debts that I have been reducing since 2008, in fact they no longer remain my credit rating. Do I need to disclose these?
  • As things stand I have a joint RBS - Direct Line mortgage with my step-brother and am investigating the feasibility of him assuming responsibility for the whole mortgage and subtracting myself from it, to enable me to purchase a place with my soon-to-be-wife. The remaining mortgage is approx 250k, and the property value is in the region 600k. Is this a transfer of equity? Is stamp duty involved?
  • Can I apply to borrow more money from RBS - Direct Line as part of a Transfer of Equity?
  • I am disposing of my equity in property in Birmingham to the other co-owners fiance, they are sticking with RBS - Direct Line being the the existing mortgage company. We are debating as to who should cover the charges for the transfer of equity. Is this usually shared or is one of us obliged to cover the fees for?

Sample of questions in a lawyer form relating to RBS - Direct Line Transfer of Equity

Where you 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?

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

Please provide a copy of your National Insurance Number?

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

Please let us know of you wish us to draft you Declaration of Trust. If so are you willing to pay for the additional fee (beyond the Transfer of Equity fee)?

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

Caveats to be read in supplemental 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 obtain the consent of the landlord. If such conditions are not complied with 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 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 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 conveyancing.
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 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 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 - Direct Line transfer of equity