Common questions relating to Royal Bank of Scotland -Natwest One transfer of equity
- Can I apply to request a further advance from Royal Bank of Scotland -Natwest One as part of a Transfer of Equity?
- I got divorced in 2012. Foolishly I never got around to transfer ownership from both our names to my sole name. I now plan to deal with it and there are no objections. Transfer-of-equity is needed. Royal Bank of Scotland -Natwest One is happy to transfer the full equity in my name (affordability checks done). Does she need any legal representation?
- My Royal Bank of Scotland -Natwest One home loan we jointly entered into with ex, who is agreeable to be removed and put the house in my name alone. Royal Bank of Scotland -Natwest One have consented to the transfer of equity to my individual name. Will Royal Bank of Scotland -Natwest One get in touch with my employer to verify my salary?
- I am transferring my share of a house in Warwick to the other co-owners husband, they are sticking with Royal Bank of Scotland -Natwest One being the the existing lender. We are debating as to who must pay the fees for the transfer of equity. Is this usually split or is one of us liable for the charges for?
- Royal Bank of Scotland -Natwest One yesterday agreed I can take over the mortgage on my home. I previously applied for a transfer of equity but presumably there is a transfer of ownership at the Land Registry on top?
- Have recently separated from my ex of thirty years. I'm now back with my mum and dad and she wishes to stay in the apartment and buy me out. What percentage am I entitled to. Is it 50% of the equity after redeeming the Royal Bank of Scotland -Natwest One home loan? I assume proper valuations are required but I would like to be confident that I'm getting I am not being taken advantage of
- What are my options where I am not happy with the conveyancing solicitor who undertook our transfer of equity transaction?
Examples of information requested in a lawyer form concerning a Royal Bank of Scotland -Natwest One Transfer of Equity
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?
Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you
Have you approached Royal Bank of Scotland -Natwest One to seek consent to the Transfer of Equity
Please provide a copy of your National Insurance Number?
Please give the name(s) and addresse(s) of anyone to be removed from the property title?
Please give the name(s) and addresse(s) of those who jointly own the property with you?
Information to consider in further to the above Royal Bank of Scotland -Natwest One transfer of equity information :
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 titles
Should the tenure of your property be leasehold, provisions in the lease may require that you obtain the consent of the freeholder. If such restrictions are not strictly observed 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 as a result of an Order of the Court, then Insolvency Indemnity Insurance is not required. In other cases, 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 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 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 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.