Common questions relating to Royal Bank of Scotland -Natwest One transfer of equity

• Can I transfer the equity held in my property with my Royal Bank of Scotland -Natwest One mortgage?
• I am in the process of refinancing my flat in Ampthill does my lawyer need to be on the Royal Bank of Scotland -Natwest One Conveyancing panel. The conveyancing also involves a transfer of equity.
• My current mortgage is with Royal Bank of Scotland -Natwest One. Can I transfer equity to someone who is not yet 18 years old?
• The financial adviser has suggested using their conveyancing solicitor for our Transfer of Equity plus remortgage with Royal Bank of Scotland -Natwest One - Is it not simpler advisable to just instruct them?
• My ex are seeking to get a conveyancer lined up for a new mortgage with Royal Bank of Scotland -Natwest One. Transfer of Equity conveyancing is also neededI have used the different comparison based websites and the results are from all over England and Wales. How necessary is it to instruct a conveyancer local to us?
• My ex-fiance and I are are seeking to find an affordable conveyancing lawyer to assist in a transfer of equity and refinance with Royal Bank of Scotland -Natwest One. I want to avoid being ripped off and there are plenty conveyancing firms who do transfer of equity conveyancing to pick from...who's the best?
• What do I do if I am dissatisfied with the conveyancer who carried out my transfer of equity conveyancing?

Information that may be required from your conveyancing solicitor could ask about your Royal Bank of Scotland -Natwest One Transfer of Equity

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

If your property is leasehold, the lease may have a requirement for notices to be served and that you have a license to do so from the freeholder. If such conditions are not complied with you may be in violation of your covenants under 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 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 varies based on the market value of the property at finalisation of the transfer of equity conveyancing.

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.