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Royal Bank of Scotland -Natwest One

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

  • Online research suggests that solicitors are more expensive than conveyancers for transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor if I am transferring equity and simultaneously switching mortgage with Royal Bank of Scotland -Natwest One
  • 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 paperwork. Can you recommend a reasonably priced Miles Platting conveyancer to deal with the transfer of equity? They need to be on the Royal Bank of Scotland -Natwest One conveyancing panel.
  • What should I be budgeting for when it comes to what conveyancing fees are for a transfer of equity? I need to transfer equity and refinance - moving over to Royal Bank of Scotland -Natwest One - and have been quoted £250 including VAT by Royal Bank of Scotland -Natwest One's approved conveyancer, Is this a reasonable price?
  • Three years ago I purchased a house without my wife's name on the deeds. My conveyancing solicitor claimed it is because she is not in the loan offer with Royal Bank of Scotland -Natwest One. Is it possible for me to add her name on the deeds?
  • My former wife are seeking to get a conveyancing solicitor in place 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 have a lawyer local to us?
  • Is it possible to apply to borrow a further advance from Royal Bank of Scotland -Natwest One as part of a Transfer of Equity?
  • I got my Decree Absolute four years ago. For some reason I never got around to change the ownership from both our names to my name alone. I am ready to do that and so is she. Transfer-of-equity is presumably the way forward. Royal Bank of Scotland -Natwest One is happy to transfer the property and loan in my name (financial checks done). Does she need a solicitor?

Examples of information requested in a conveyancer questionnaire concerning a Royal Bank of Scotland -Natwest One Transfer of Equity

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

Please provide the name(s) and addresse(s) of anyone to be added to the title deeds?

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

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

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?

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

Important warnings 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

Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such conditions are not strictly observed you may be in violation of the lease. This could potentially result in the freeholder taking enforcement action against you.

Indemnity Insurance

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 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 lawyer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Content 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