Top seven questions relating to RBS (One Account) transfer of equity
- After three years apart I have opted to give up my share of our former home to my husband who is re-mortgaging with RBS (One Account). Could this transfer of equity be completed within 28 days?
- What do I need to do when it comes adding or subtracting names (transfer of equity) to or from my RBS (One Account) mortgage account?
- My current home loan is with RBS (One Account). Can I transfer equity to someone under 18 years old?
- I am hoping to refinance my flat in Timperley
changing from Coventry BS to RBS (One Account). The maisonette is jointly owned but intend for it to be in my name only when I transfer. My wife has agreed to this and is willing to sign a form but neither of us want to incur conveyancing solicitor fees.
- I jointly own a house in Winchelsea
, with a RBS (One Account) mortgage with my former husband. He and his new partner are going to acquire my share. We had approval from RBS (One Account) to replace my name with hers. The transfer of equity needs to be completed by a lawyer for RBS (One Account) (apparently). In order to save fees can I deal with the Land Registry change?
- When it comes to transfer of equity conveyancing involving a remortgage with RBS (One Account) should I be invoiced value added tax on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
- Have recently separated from my ex of twenty years. I'm now living with my parents again and she wishes to remain in the flat and pay me off. What percentage am I entitled to. Is it 50% of the equity after redeeming the mortgage with RBS (One Account)? I assume proper valuations are required but I really need to be sure that I'm getting I am not being walked over
Sample of information requested in a conveyancing solicitor questionnaire concerning a RBS (One Account) Transfer of Equity
Who will be responsible for the costs of the Transfer of Equity?
Has one of the registered proprietors passed away? If so please provide us with a copy of the Death Certificate, Probate and a copy of the Will.
Please list all persons who occupy the property, their respective ages and relationships to you.
Please provide the name(s) and addresse(s) of anyone to be extracted from the title deeds?
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?
Where you are adding someone 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.
Important warnings to consider in further to the above RBS (One Account) 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 RBS (One Account) 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 have a license to do so from the landlord. If such terms are not adhered to you may be in breach of the lease. This could trigger 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 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 RBS (One Account) 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 RBS (One Account) 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 conveyancing.
If you do not keep up the payments on your mortgage with RBS (One Account) your property may be repossessed.
Preparing the Transfer of Equity with a RBS (One Account) 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 RBS (One Account) 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.
Content 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.
