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Royal Bank of Scotland -Natwest One

Examples of recent questions relating to Royal Bank of Scotland -Natwest One transfer of equity

  • Have recently split up with my ex of 18 years. I'm now back with my parents again and she wants to remain in the apartment and pay me off. What percentage do I get. Is it 50% of the equity after redeeming the mortgage with Royal Bank of Scotland -Natwest One? I assume proper valuations are required but I would like ensure that I'm getting the best deal
  • Having been four years apart I have opted to relinquish up my share of our former home to my husband who is refinancing with Royal Bank of Scotland -Natwest One. Can a transfer of equity be done within four weeks?
  • I am trying to find a conveyancer to undertake my transfer of equity. Royal Bank of Scotland -Natwest One are dealing with the refinancing. I considered asking my mortgage broker. I am lead to believe he may get a referral fee for suggesting a firm, but also of benefit will be that he knows the conveyancing solicitor, has dealt with them before. Any flaws you see in this way of thinking?
  • What if my application doesn't meet Royal Bank of Scotland -Natwest One lending criteria for a transfer of equity?
  • My existing home loan is with Royal Bank of Scotland -Natwest One. Can I transfer equity to someone less than eighteen years old?
  • I am in the process of removing a name from a joint mortgage and the Royal Bank of Scotland -Natwest One require me to use a conveyancing solicitor to carry out the legalities. Can you recommend a reasonably priced Dunnington lawyer to deal with the transfer of equity? They need to be on the Royal Bank of Scotland -Natwest One conveyancing panel.
  • I am transferring my equity in property in Warwick to my co-owners husband, they are sticking with Royal Bank of Scotland -Natwest One as the the existing mortgage company. We are in heated discussion as to who should cover the fees for the transfer of equity. Should this be split or is one of us obliged to cover the charges for?

Information that may be required from your lawyer may ask in relation to your Royal Bank of Scotland -Natwest One Transfer of Equity

We need you to supply the National Insurance Number(s) of all the new owners (required for submission of the SDLT Form)

Have you approached Royal Bank of Scotland -Natwest One to obtain consent to the Transfer of Equity

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 give the name(s) and addresse(s) of those who jointly own the property with you?

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

Is it the case that one of the registered owners died? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..

Caveats to be read in conjunction with the above Royal Bank of Scotland -Natwest One transfer of equity Advice :

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 have a requirement for notices to be served and that you obtain the consent of the freeholder. If such conditions are not complied with 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 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 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 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 lawyer 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