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

• I am selling my equity in flat in Warwick to the other co-owners fiance, they are sticking with Royal Bank of Scotland -Natwest One as the the existing lender. We are in heated discussion as to who must pay the costs of the transfer of equity. Should this be split or is one party obliged to cover the fees for?
• Is there such a thing a transfer of equity stamp duty calculator?
• Royal Bank of Scotland -Natwest One yesterday agreed I can take over the home loan on my home. I had applied for a transfer of equity but presumably there is a transfer of ownership at HMLR on top?
• What if my application doesn't meet Royal Bank of Scotland -Natwest One lending criteria for a transfer of equity?
• What can I do where I am dissatisfied with the lawyer who conducted my transfer of equity conveyancing?
• I recently bought a property without my wife's name on the ownership paperwork. My lawyer advised it is because she was not in the mortgage with Royal Bank of Scotland -Natwest One. I'm wondering is there any way that I can add her name on the documents at HMLR?
• My brother and I got a joint mortgage with Royal Bank of Scotland -Natwest One on a property about a year ago. I am now looking to get a house on my own and my friend would like to buy me out. On the basis that we can settle on a figure what are the next steps? Would there be any potential issue with Royal Bank of Scotland -Natwest One with him being solely liable for the total mortgage rather than only part of it?

Questions that your lawyer is likely to ask regarding your Royal Bank of Scotland -Natwest One Transfer of Equity

Information to consider in further to the above Royal Bank of Scotland -Natwest One transfer of equity information :

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 titles

Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such terms are not adhered to 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 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 conveyancing solicitor 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 finalisation of the transfer of equity conveyancing.

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

Information contained within 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.