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Royal Bank of Scotland -Natwest One

Royal Bank of Scotland -Natwest One transfer of equity example support desk enquires

  • My partner and I jointly own a property in Timperley . Home loan is with Royal Bank of Scotland -Natwest One. I wish to transfer full ownership to him with no passing of money but without using a conveyancer. Do you think this should be straightforward?
  • Is it sensible to cancel 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 am answering a Royal Bank of Scotland -Natwest One transfer of equity application and have come to the part regarding debts etc. I do some debts that I have been paying off over a long period, in fact they no longer remain my credit score. Do I need to set these out?
  • After three years separated I have opted to relinquish up my interest in our apartment to my husband who is re-mortgaging with Royal Bank of Scotland -Natwest One. Could this transfer of equity be done in one month?
  • I am are seeking to find a trustworthy conveyancing lawyer to assist in a transfer of equity and remortgage with Royal Bank of Scotland -Natwest One. I am aware of the dangers of getting ripped off but with plenty conveyancing solicitors who do transfer of equity conveyancing to pick from...how do I know which to appoint?
  • My decree absolute is through as is the consent order. Now I have to address the transfer of equity for the property and the Royal Bank of Scotland -Natwest One home loan. I have called Royal Bank of Scotland -Natwest One for the transfer of equity application. What do I do now?
  • I own a apartment in Winchelsea , with a Royal Bank of Scotland -Natwest One loan with my former husband. He and his new partner are going to buy me out. We had consent from Royal Bank of Scotland -Natwest One to replace my name with hers. The transfer of equity has to be completed by a conveyancing solicitor for Royal Bank of Scotland -Natwest One (supposedly). Is it possible for us to do the Land Registry formalities?

Questions that your lawyer could ask about your Royal Bank of Scotland -Natwest One Transfer of Equity

Please provide the name(s) and addresse(s) of those who jointly own the premises with you?

Please let us know where you are making any payment for the Transfer of Equity and to whom and specify the amount?

Please give the details of anyone to be added to the title deeds?

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

If 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?

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

Caveats to be read in supplemental 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 titles

Should the tenure of your property be leasehold, provisions in the lease may require that you have a license to do so from the landlord. If such conditions are not complied with you may be in breach 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 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 the time of completion 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 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 conveyancing solicitor 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 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.


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