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Royal Bank of Scotland -Natwest One transfer of equity: q and a’s

  • I am transferring my equity in property in Birmingham to the other co-owners husband, they are reapplying to Royal Bank of Scotland -Natwest One. We are haggling as to who should pay the fees for the transfer of equity. Should this be shared or is one of us obliged to cover the legal bill?
  • Is there such a thing a transfer of equity stamp duty calculator?
  • When it comes to transfer of equity conveyancing involving refinance with Royal Bank of Scotland -Natwest One should I be charged value added tax on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • I am searching for an affordable conveyancing lawyer to assist in a transfer of equity and refinance with Royal Bank of Scotland -Natwest One. I am aware of the dangers of getting ripped off and there are many conveyancing practices who do transfer of equity conveyancing out there...who's the best?
  • I am in the process of remortgaging my property in Wakefield does my lawyer have to be on the Royal Bank of Scotland -Natwest One Conveyancing panel. The conveyancing also involves a transfer of equity.
  • Can I apply to borrow more money from Royal Bank of Scotland -Natwest One as part of a Transfer of Equity?
  • I intend to refinance my apartment in Heathfield moving from RBS to Royal Bank of Scotland -Natwest One. The apartment is currently in joint names but wish for it to be in my sole name as and when I remortgage. My former partner has verbally consented to this and is happy to sign a form but neither of us want to get a second conveyancing solicitor involved.

Examples of information requested in a conveyancer form concerning a Royal Bank of Scotland -Natwest One 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?

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

Please provide a copy of your National Insurance Number?

Is it the case that one of the registered owners passed away? If so please supply us with a copy of all the relevant documents e.g. the will, death certificate etc..

Please provide the details of anyone to be added to the title deeds?

If you are adding someone on to the title deeds how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

General Advice to read in supplemental 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 terms are not adhered to you may be in breach 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 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 lawyer 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 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 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 conveyancer 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 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 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 Royal Bank of Scotland -Natwest One transfer of equity