Common questions relating to Royal Bank of Scotland -Natwest One transfer of equity
- What can I do where I am not happy with the lawyer who conducted my transfer of equity conveyancing?
- I am planning on removing a name from a joint mortgage and the Royal Bank of Scotland -Natwest One need me to use a conveyancing solicitor to carry out the paperwork. Can you recommend a reasonably priced Sedgefield
lawyer to deal with the transfer of equity? They need to be on the Royal Bank of Scotland -Natwest One conveyancing panel.
- My Royal Bank of Scotland -Natwest One mortgage we jointly entered into with ex, who has agreed to be removed and let me have the property. Royal Bank of Scotland -Natwest One have consented to the transfer of equity to my individual name. Will Royal Bank of Scotland -Natwest One get in touch with my company to check my salary?
- I am remortgaging my house in Rye
does my lawyer have to be on the Royal Bank of Scotland -Natwest One Solicitor panel. The conveyancing also involves a transfer of equity.
- Have recently split up with my partner of 18 years. I'm now back with my parents again and she wishes to remain in the property and pay me off. What portion do I get. Is it 50% of the equity after paying off the Royal Bank of Scotland -Natwest One home loan? I assume proper valuations are necessary but I really need to be sure that I'm getting I am not being taken advantage of
- Me and a friend got a joint mortgage with Royal Bank of Scotland -Natwest One on a house about a year ago. I am now thinking of buying a property on my own and my friend would like to buy me out. Once we have agreed a figure what happens next? Is there likely to be any concerns with Royal Bank of Scotland -Natwest One with him being solely liable for the total loan as opposed to only part of it?
- I plan to refinance my maisonette in Witham
moving from Nationwide to Royal Bank of Scotland -Natwest One. The home is currently in joint names but wish for it to be in my sole name when I transfer. My husband is OK with this and is happy to sign a form but neither of us want to incur conveyancer fees.
Questions that your lawyer could ask in relation to your Royal Bank of Scotland -Natwest One Transfer of Equity
Will there be any payment between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive the same
Who will be responsible for the costs of the Transfer of Equity?
Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?
Where you are adding a person on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.
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?
Would you like us to draw up a Declaration of Trust. If so are you willing to incur the additional fee (beyond the Transfer of Equity fee)?
Information to consider in supplemental the above Royal Bank of Scotland -Natwest One transfer of equity Info :
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 require that you have a license to do so from the freeholder. If such conditions are not strictly observed you may be in breach 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 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 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 varies based on the market value 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 Royal Bank of Scotland -Natwest One your property may be repossessed.
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.
Content 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.