Examples of recent questions relating to Royal Bank of Scotland -Natwest One transfer of equity
- As things stand I have a joint Royal Bank of Scotland -Natwest One mortgage with my brother and am looking into the option of him taking on the outstanding mortgage and subtracting myself from it, to enable me to buy somewhere with my soon-to-be-wife. The remaining mortgage is about 300k, and the property value is approx 450k. Is this a transfer of equity? Is land tax payable?
- My decree absolute has gone through as is the consent order. Now I must sort out the transfer of equity on title deeds and the Royal Bank of Scotland -Natwest One mortgage. I have contacted Royal Bank of Scotland -Natwest One for the transfer of equity application. What are my next steps?
- I already have a home loan with Royal Bank of Scotland -Natwest One and am retaining my current mortgaging but seeking to have have the equity transferred to my name only so my former wife won't be on it any longer. How long can it take for the forms to be processed?
- Me and my former wife and I are are looking to find an affordable conveyancing solicitor to help me sell in a transfer of equity and remortgage with Royal Bank of Scotland -Natwest One. I I am fearful of appointing the wrong one but with various conveyancing firms who do transfer of equity conveyancing to choose from...who do I opt for?
- Is stamp duty payable when it comes to an transfer of equity with a mortgage with Royal Bank of Scotland -Natwest One?
- Me and my partner jointly own a property in Littleborough
. Mortgage is with Royal Bank of Scotland -Natwest One. I wish to transfer full ownership to him with no exchange of money but without using a conveyancing solicitor. Is this likely to be simple?
- Royal Bank of Scotland -Natwest One have just agreed I can take over the mortgage on the house. I have applied for a transfer of equity but is this a transfer of ownership at the Land Registry on top?
Examples of questions in a conveyancer questionnaire concerning a Royal Bank of Scotland -Natwest One 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?
We need you to provide the National Insurance Number(s) of all the new owners (required for completion of the SDLT Form)
Please give the name(s) and addresse(s) of anyone to be removed from the property title?
Is it the case that one of the registered owners passed away? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..
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
Please provide the details of anyone to be added to the property title?
Caveats to be read in in addition to the above Royal Bank of Scotland -Natwest One transfer of equity Questions and Answers :
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 Royal Bank of Scotland -Natwest One conveyancing panel and accountant before transferring equity.
Transfer of Equity Conveyancing for Leasehold premises
Should the tenure of your property be leasehold, 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 restrictions are not strictly observed you may be in violation of your covenants under the lease. This could potentially result in the freeholder taking enforcement action against you.
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 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 Royal Bank of Scotland -Natwest One 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 Royal Bank of Scotland -Natwest One 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 finalisation of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Royal Bank of Scotland -Natwest One.
Preparing the Transfer of Equity with a Royal Bank of Scotland -Natwest One 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 Royal Bank of Scotland -Natwest One 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 lawyer 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.