Top seven questions relating to Royal Bank of Scotland -Natwest One transfer of equity
- I am in the process of 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 conveyancing. Can you recommend a reasonably priced Witham
conveyancing solicitor to deal with the transfer of equity? They need to be on the Royal Bank of Scotland -Natwest One conveyancing panel.
- Will I have to pay any fees for a Transfer of Equity where the current mortgage is with Royal Bank of Scotland -Natwest One?
- What do I do if I am unhappy with the conveyancing solicitor who carried out my transfer of equity conveyancing?
- I am trying to find a lawyer to handle my transfer of equity. Royal Bank of Scotland -Natwest One have been approached for a remortgage. I considered asking my financial adviser. I am lead to believe he will likely receive a kickback for recommending someone, but also of benefit will be that he knows the lawyer, has dealt with them before. Any flaws you see in this way of thinking?
- Me and a friend got a joint mortgage with Royal Bank of Scotland -Natwest One on a flat about a year ago. I am now looking to get a house on my own and my friend would like to buy me out. Once we have agreed a figure where do we go? Is there likely to be any issue with Royal Bank of Scotland -Natwest One with him being on the hook for the total mortgage as opposed to only part of it?
- My partner and I jointly own a flat in Blaenavon
. Home loan 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. Do you think this should be straightforward?
- What is the process for adding or removing names (transfer of equity) to or from my Royal Bank of Scotland -Natwest One mortgage account?
Sample of questions in a conveyancer questionnaire relating to Royal Bank of Scotland -Natwest One Transfer of Equity
Please give the details of anyone to be extracted from the property title?
Please list all persons who occupy the property, their respective ages and relationships to you.
If you are adding someone 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” Questionnaire.
Has one of the registered owners passed away? If so please supply us with a copy of the Death Certificate, Probate and a copy of the Will.
Please provide the name(s) and addresse(s) of anyone who jointly owns the property with you?
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?
Information to consider in supporting the above Royal Bank of Scotland -Natwest One transfer of equity Questions and Answers :
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 Royal Bank of Scotland -Natwest One conveyancing panel and accountant before transferring equity.
Transfer of Equity Conveyancing for Leasehold titles
If your property is leasehold, the lease may require that you have a license to do so from the freeholder. If such terms are not adhered to 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 conveyancing solicitor 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 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 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.
Content on this webpage is for general information and only applies to England and Wales. It should not be regarded as 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.