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Are you in need of a Transfer of Equity with a The Royal Bank of Scotland plc One Account mortgage? Failing to check that a lawyer is on the The Royal Bank of Scotland plc One Account list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

RBS (One Account) transfer of equity example support desk enquires

  • The mortgage broker has recommended their conveyancer for the Transfer of Equity plus remortgage with RBS (One Account) - Surely it’s easier to just instruct them?
  • My partner and I jointly own a flat in Wakefield . Mortgage is with RBS (One Account). I want to transfer full ownership to him with no payment of money but without using a conveyancing solicitor. Is this likely to be straightforward?
  • I am considering remortgaging my house in Miles Platting does my lawyer need to be on the RBS (One Account) Conveyancing panel. The conveyancing also involves a transfer of equity.
  • My partner and myself jointly own a BTL. I am a top rate tax payer. Ideally I wish to complete a transfer of equity into her name in order reduce our tax on rental income. If RBS (One Account) are happy with this the legal fees are not high. What are the implications when we dispose of the property? As I would no longer be on the title documents am I giving up my CGT relief.
  • How do I go about adding or removing names (transfer of equity) to or from my RBS (One Account) mortgage account?
  • I acquired a flat with my cousin in 2008 Since then, we have both got married. We are now seeking to do a transfer of equity so my name is removed the RBS (One Account) mortgage. There is a 30k difference between the value the mortgage company say and what the property would sell for currently. Can you offer any advice?
  • At what stage do I incur the Stamp Duty Land Tax due for the transfer of equity in my house in my sole name which is taking place simultaneously with a refinancing with RBS (One Account)?

Examples of questions in a lawyer questionnaire concerning a RBS (One Account) Transfer of Equity

Where you are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Is the transfer of equity subject to a court order? If yes please supply a copy

Please list all persons who occupy the property, their respective ages and relationships to you.

Who will be responsible for the costs of the Transfer of Equity?

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been formalised?

Can you give the name(s) and addresse(s) of those who jointly own the premises with you?

Important warnings to consider in supplemental the above RBS (One Account) 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 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 require 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 trigger the freeholder taking enforcement action against you.

Indemnity Insurance

If the transfer of equity is made pursuant to 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 conveyancing solicitor 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 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 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 conveyancing solicitor 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 lawyer 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.


Frequently asked questions relating to RBS (One Account) transfer of equity