LenderPanel.com

Find a Law Firm for your Transfer of Equity approved by
Royal Bank of Scotland -Natwest One

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

  • Is it possible to transfer the equity held in my property with my Royal Bank of Scotland -Natwest One home loan?
  • My former wife are looking to get a lawyer lined up for a new mortgage with Royal Bank of Scotland -Natwest One. Transfer of Equity conveyancing is also neededI have used the different rating based services and the results are from all over the country. Is it important to appoint a lawyer local to us?
  • Am I best advised cancel the direct debit for my mortgage with Royal Bank of Scotland -Natwest One as soon as a date for my remortgage and transfer of equity has been agreed?
  • Online reading suggests 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 simultaneously refinancing with Royal Bank of Scotland -Natwest One
  • Will I incur any charges for a Transfer of Equity where the current mortgage is with Royal Bank of Scotland -Natwest One?
  • My Royal Bank of Scotland -Natwest One home loan we jointly entered into with ex, who has agreed to come off the deeds and put the house in my name alone. Royal Bank of Scotland -Natwest One will permit the transfer of equity to my individual name. Will Royal Bank of Scotland -Natwest One contact my employer to check my salary?
  • When it comes to transfer of equity conveyancing involving a remortgage with Royal Bank of Scotland -Natwest One should I be invoiced value added tax on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee

Questions that your lawyer is likely to ask in relation to your 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?

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” Questionnaire.

Please provide the name(s) and addresse(s) of anyone to be extracted from the property title?

Who will be responsible for the costs of the Transfer of Equity?

Has consent been obtained from Royal Bank of Scotland -Natwest One to the proposed transfer of equity?

Please list all persons who occupy the property, their respective ages and relationships to you.

Important warnings to consider in conjunction with 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 properties

If your property is leasehold, provisions in the lease may require that you obtain the consent of 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 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 valuation of the property at finalisation of the transfer of equity transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with Royal Bank of Scotland -Natwest One.

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 conveyancing solicitor 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 contained within 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.


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