Royal Bank of Scotland -Natwest One transfer of equity: q and a’s
- Have recently split up with my ex of thirty years. I'm now back with my parents again and she wishes to stay in the flat and pay me off. What percentage do I get. Is it half of the equity after paying off the mortgage with Royal Bank of Scotland -Natwest One? I assume proper valuations are required but I would like to be confident that I'm getting I am not being taken advantage of
- I am am in need of a conveyancer to handle my transfer of equity. Royal Bank of Scotland -Natwest One are dealing with the refinancing. I thought of asking my financial adviser. I am lead to believe he will likely get a kickback for recommending a firm, but also of benefit will be that he knows the lawyer, has a working relationship with them. Any flaws you see in this way of thinking?
- I am disposing of my share of a house in Hendon to the other co-owners fiance, they are reapplying to Royal Bank of Scotland -Natwest One. We are in heated discussion as to who must cover the charges for the transfer of equity. Is this usually shared or is one party liable for the costs of?
- Royal Bank of Scotland -Natwest One yesterday agreed I can take over the mortgage on the house. I have applied for a transfer of equity but is this a transfer of ownership at the Land Registry on top?
- I already have a home loan with Royal Bank of Scotland -Natwest One and am keeping my existing mortgaging but applying to have have the equity transferred to my name alone so my former partner will come off the mortgage. How long can it take for the forms to be processed?
- I am thinking of mortgaging my flat in Witham
does my lawyer have to be on the Royal Bank of Scotland -Natwest One Solicitor panel. The conveyancing also involves a transfer of equity.
- When it comes to transfer of equity conveyancing involving a remortgage with Royal Bank of Scotland -Natwest One should I be paying VAT on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
Questions that your conveyancing solicitor is likely to ask about your Royal Bank of Scotland -Natwest One Transfer of Equity
Would you like us to prepare Declaration of Trust. If so are you happy to pay for the further fee (beyond the Transfer of Equity fee)?
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 obtain consent to the Transfer of Equity
Please inform us if you are providing any payment for the Transfer of Equity and to whom and notify us the amount?
Please give the name(s) and addresse(s) of anyone to be added to the title deeds?
Please provide a copy of your National Insurance Number?
General Advice to read 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 properties
If your property is leasehold, the lease may have a requirement for notices to be served and that you have a license to do so from the freeholder. If such terms are not adhered to you may be in breach 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 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 market value of the property at the time of completion 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 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.
Information provided 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.