Sample questions relating to Royal Bank of Scotland -Natwest One transfer of equity
- I am completing a Royal Bank of Scotland -Natwest One transfer of equity form and have arrived at the questions regarding defaults etc. I do some debts that I have been clearing over a long period, in fact they no longer remain my credit score. Must I set these out?
- What are the average conveyancing costs are for a transfer of equity? I need to transfer equity and refinance - new loan with Royal Bank of Scotland -Natwest One - and have been quoted £250 plus VAT by Royal Bank of Scotland -Natwest One's approved conveyancing solicitor, Is this is a good price or not?
- What if my application doesn't meet Royal Bank of Scotland -Natwest One lending criteria for a transfer of equity?
- Am I best advised stop my mortgage payments with Royal Bank of Scotland -Natwest One as soon as a date for my remortgage and transfer of equity has been set?
- I got my Decree Absolute four years ago. Foolishly I never got around to change the ownership from both our names to just in my name. I am ready to do that and so is she. Transfer-of-equity is presumably the way forward. Royal Bank of Scotland -Natwest One is happy to transfer the property and loan in my name (financial checks done). Does my ex need a lawyer?
- Online reading suggests that solicitors are more expensive than conveyancers when it comes to transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor where I need to be transferring equity and simultaneously remortgaging with Royal Bank of Scotland -Natwest One
- I am disposing of my share of a house in Woodside to my co-owners fiance, they are sticking with Royal Bank of Scotland -Natwest One being the the existing lender. We are in heated discussion as to who should cover the fees for the transfer of equity. Is this normally split or is one party liable for the charges for?
Sample of questions in a conveyancing solicitor form concerning a Royal Bank of Scotland -Natwest One Transfer of Equity
Please give the name(s) and addresse(s) of anyone to be added to the title deeds?
Please provide a copy of your National Insurance Number?
Who will be responsible for the costs of the Transfer of Equity?
Is there to be any consideration monies passing between the parties for the Transfer of Equity? If so, please state the amount and who is to receive the same
Has one of the registered proprietors passed away? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..
Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been formalised?
General Advice to read in supporting the above Royal Bank of Scotland -Natwest One transfer of equity Info :
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 premises
Should the tenure of your property be leasehold, the lease may require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation of 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 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 is dependent on the market value of the property at finalisation 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 conveyancer 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.