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

• Have recently separated from my ex of 18 years. I'm now back with my mum and dad and she wants to stay in the apartment and pay me off. What portion do I get. Is it half of the equity after redeeming the mortgage with Royal Bank of Scotland -Natwest One? I assume proper valuations are necessary but I really need to be confident that I'm getting the best deal
• I recently bought a apartment without my wife's name on the title documents. My conveyancer said it is because she is not in the loan offer with Royal Bank of Scotland -Natwest One. Is it possible for me to add her name on the title?
• I got divorced in 2012. I simply never dealt with the transfer ownership from both our names to my name alone. I now plan to deal with it and there are no objections. Transfer-of-equity is needed. Royal Bank of Scotland -Natwest One is willing to transfer the property and loan in my name (affordability checks done). Does she need a lawyer?
• What legal advice do I need when doing a transfer of equity where the home loan is to remain with Royal Bank of Scotland -Natwest One?
• Been looking at online blogs that solicitors are more expensive than licensed conveyancers for transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor if I am transferring equity and at the same time refinancing with Royal Bank of Scotland -Natwest One
• My existing home loan is with Royal Bank of Scotland -Natwest One. Can I transfer equity to someone under eighteen years old?
• I am completing a Royal Bank of Scotland -Natwest One transfer of equity form and have arrived at the questions regarding debts etc. There are some debts that I have been paying off over a long period, I understand that they have long since disappeared from my credit rating. Must I disclose these?

Examples of questions in a conveyancing solicitor questionnaire concerning a Royal Bank of Scotland -Natwest One Transfer of Equity

Information to consider in conjunction with the above Royal Bank of Scotland -Natwest One transfer of equity information :

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 properties

Should the tenure of your property be leasehold, provisions in the lease may require that you obtain the consent of the freeholder. If such conditions are not strictly observed you may be in breach of the lease. This could trigger the freeholder taking enforcement action against you.

Indemnity Insurance

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 valuation of the property at the time of completion of the transfer of equity transaction.

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 conveyancer 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 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.