Royal Bank of Scotland -Natwest One transfer of equity: q and a’s
- I am planning on removing a name from a joint mortgage and the Royal Bank of Scotland -Natwest One need me to use a conveyancer to carry out the conveyancing. Can you recommend a reasonably priced Friern Barnet
conveyancing solicitor to deal with the transfer of equity? They need to be on the Royal Bank of Scotland -Natwest One conveyancing panel.
- Been looking at online forums 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 need to be transferring equity and simultaneously refinancing with Royal Bank of Scotland -Natwest One
- Is stamp duty payable when it comes to an transfer of equity with a mortgage with Royal Bank of Scotland -Natwest One?
- My ex are looking to get a conveyancing solicitor lined up for a refinance with Royal Bank of Scotland -Natwest One. Transfer of Equity conveyancing is also requiredI have used the different rating based tools and the results are from all over the country. Do we need to have a conveyancing solicitor local to us?
- Have recently split up with my ex of thirty years. I'm now back with my mum and dad and she wishes to stay in the property and pay me off. What portion do I get. Is it 50% of the equity after discharging the Royal Bank of Scotland -Natwest One home loan? I assume proper valuations are required but I would like to be confident that I'm getting the best deal
- I own a property in Witham
, with a Royal Bank of Scotland -Natwest One loan with my former partner. He and his fiance are going to acquire my share. We had the go ahead from Royal Bank of Scotland -Natwest One to remove my name with hers. The transfer of equity needs to be done by a conveyancer for Royal Bank of Scotland -Natwest One (supposedly). Can we do the Land Registry formalities?
- My financial adviser has recommended their conveyancing solicitor for the Transfer of Equity plus remortgage with Royal Bank of Scotland -Natwest One - Is it not simpler better to just use them?
Examples of information requested in a lawyer form concerning a Royal Bank of Scotland -Natwest One Transfer of Equity
If you are adding someone on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.
Would you like us to prepare Declaration of Trust. If so are you happy to incur the additional fee (beyond the Transfer of Equity fee)?
We need you to provide the National Insurance Number(s) of all the new owners (required for completion of the Stamp Duty Land Tax Form)
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?
Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you
Have you approached Royal Bank of Scotland -Natwest One to seek consent to the Transfer of Equity
General Advice to read 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 premises
If your property is leasehold, the lease may require that you have a license to do so from the freeholder. If such conditions are not complied with 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 situations, 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 valuation of the property at the conclusion of the transfer of equity conveyancing.
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 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 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.