Recently asked questions relating to Royal Bank of Scotland -Natwest One transfer of equity
- I am planning on 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 Wakefield
conveyancer to deal with the transfer of equity? They need to be on the Royal Bank of Scotland -Natwest One conveyancing panel.
- My current mortgage is with Royal Bank of Scotland -Natwest One. Can I transfer equity to someone less than 18 years old?
- I am looking for a conveyancing solicitor to handle my transfer of equity. Royal Bank of Scotland -Natwest One are dealing with the remortgage. I considered asking my mortgage broker. I am lead to believe he will likely receive a kickback for recommending someone, but also of benefit will be that he knows the lawyer, has dealt with them before. Is my logic misguided?
- I acquired a property with my cousin five.seven years ago Since then, we have both got married. We are now looking to do a transfer of equity so my name is removed the Royal Bank of Scotland -Natwest One mortgage. There is a meaningful difference between the value the lender say and what the property would sell for currently. Can you offer any advice?
- I jointly own a flat in Friern Barnet
, with a Royal Bank of Scotland -Natwest One mortgage with my former partner. Him and his fiance are going to acquire my share. We had approval from Royal Bank of Scotland -Natwest One to replace my name with hers. The transfer of equity has to be done by a conveyancer for Royal Bank of Scotland -Natwest One (supposedly). In order to save fees can I deal with the Land Registry change?
- My former husband are seeking to get a conveyancer in place for a refinance with Royal Bank of Scotland -Natwest One. Transfer of Equity conveyancing is also necessaryI have used the different rating based websites and the results are from all over England and Wales. Do we need to appoint a conveyancing solicitor local to us?
- As things stand I have a joint Royal Bank of Scotland -Natwest One mortgage with my step-brother and am looking into the possibility of him taking on the outstanding mortgage and removing myself from it, to enable me to purchase somewhere with my fiance. The remaining mortgage is about 250k, and the property value is about 500k. Is this a transfer of equity? Is land tax due?
Sample of questions in a lawyer questionnaire relating to 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 provide the name(s) and addresse(s) of anyone to be removed from the title deeds?
Has one of the registered proprietors died? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..
Is the transfer of equity subject to a court order? If yes please supply a copy
Where you are adding a person on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.
Has consent been obtained from Royal Bank of Scotland -Natwest One to the proposed transfer of equity?
General Advice to read in supplemental the above Royal Bank of Scotland -Natwest One transfer of equity Questions and Answers :
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, the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. 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.
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 valuation of the property at finalisation of the transfer of equity transaction.
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 conveyancer 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 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.