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Royal Bank of Scotland -Natwest One

Are you in need of a Transfer of Equity with a The Royal Bank of Scotland plc Natwest One Account mortgage? Failing to check that a lawyer is on the The Royal Bank of Scotland plc Natwest One Account list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

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

  • Having been a number of years apart I have made the decision to give up my interest in our flat to my husband who is refinancing with Royal Bank of Scotland -Natwest One. Can a transfer of equity be completed in one month?
  • As things stand I have a joint Royal Bank of Scotland -Natwest One mortgage with my brother and am looking into the feasibility of him assuming responsibility for the outstanding mortgage and subtracting myself from it, to enable me to purchase a property with my fiance. The outstanding mortgage is approx 200k, and the property value is approx 500k. Is this a transfer of equity? Is land tax due?
  • My mortgage broker has recommended their lawyer for my Transfer of Equity plus remortgage with Royal Bank of Scotland -Natwest One - Surely it’s better to just instruct them?
  • I am led to believe we would need at least AP1 and TR1. Is this true?
  • My existing mortgage is with Royal Bank of Scotland -Natwest One. Can I transfer equity to someone under eighteen years old?
  • Me and my partner co-own a flat in Heathfield . Home loan is with Royal Bank of Scotland -Natwest One. I wish to transfer full ownership to him with no exchange of money but without using a conveyancing solicitor. Is this likely to be simple?
  • I am filling out a Royal Bank of Scotland -Natwest One transfer of equity application and have come to the section regarding debts etc. I do some debts that I have been reducing over a long period, I understand that they no longer remain my credit score. Do I need to declare these?

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

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

Please give the details of anyone to be extracted from the title deeds?

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

Please let us know of you wish us to prepare Declaration of Trust. If so are you willing to pay for the additional fee (beyond the Transfer of Equity fee)?

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?

Is it the case that one of the registered owners passed away? 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

Should the tenure of your property be leasehold, the lease may require that you have a license to do so from the landlord. If such conditions are not strictly observed you may be in violation of the lease. This could trigger 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 varies based on the market value of the property at the conclusion 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 conveyancer 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 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