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Royal Bank of Scotland -Natwest One

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

  • After 2 a couple of years apart I have made the decision to relinquish up my interest in our apartment to my husband who is re-mortgaging with Royal Bank of Scotland -Natwest One. Can a transfer of equity be completed in one month?
  • I acquired a house with my cousin in 2009 Since buying the property, we have both got married. We are now seeking to do a transfer of equity so my name comes off the Royal Bank of Scotland -Natwest One mortgage. There is a significant difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
  • Can I apply to request a further advance from Royal Bank of Scotland -Natwest One as part of a Transfer of Equity?
  • My -ex-husband and I are are seeking to find a value for money conveyancing lawyer to assist in a transfer of equity and remortgage with Royal Bank of Scotland -Natwest One. I am aware of the chance of getting ripped off but with so many conveyancing firms who do transfer of equity conveyancing out there...who's the best?
  • What are the average solicitors fees are for a transfer of equity? I need to transfer equity and remortgage - new loan with Royal Bank of Scotland -Natwest One - and have been quoted Three Hundred pounds excluding VAT by Royal Bank of Scotland -Natwest One's approved conveyancing solicitor, Is this is a good price or not?
  • My existing mortgage is with Royal Bank of Scotland -Natwest One. Can I transfer equity to someone under eighteen years old?
  • My former wife are planning to get a lawyer lined up for a new mortgage with Royal Bank of Scotland -Natwest One. Transfer of Equity conveyancing is also requiredI have used the different comparison based services and the results are from all over UK. Is it important to have a conveyancer local to us?

Information that may be required from your conveyancing solicitor may ask about your Royal Bank of Scotland -Natwest One Transfer of Equity

If are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Where 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.

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

Is the transfer of equity subject to a court order? If yes please supply a copy

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

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

Information to consider 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

If your property is leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such restrictions are not strictly observed you may be in breach of your covenants under the lease. This could trigger 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 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 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 is dependent on the market value of the property at the conclusion of the transfer of equity conveyancing.
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 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.


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