Examples of recent questions relating to RBS (One Account) transfer of equity
- I am in the process of removing a name from a joint mortgage and the RBS (One Account) need me to use a to carry out the paperwork. Can you recommend a reasonably priced Miles Platting
to deal with the transfer of equity? They need to be on the RBS (One Account) conveyancing panel.
- My decree absolute has gone through as is the consent order. Now I have to sort out the transfer of equity for the property and the RBS (One Account) home loan. I have contacted RBS (One Account) for the transfer of equity application. What happens next?
- I am hoping to refinance my home in Dunnington
moving from Santander to RBS (One Account). The flat is currently in joint names but I would like it to be in my sole name once I switch. My former partner is OK with this and is willing to sign a form but neither of us want to incur conveyancing solicitor charges.
- I am looking for a conveyancing solicitor to deal with my transfer of equity. RBS (One Account) are dealing with the remortgage. I thought of asking my mortgage broker. I understand he will likely receive a referral fee for suggesting a firm, but also of benefit will be that he knows the conveyancing solicitor, has a working relationship with them. Is my logic misguided?
- I own a apartment in Blaenavon
, with a RBS (One Account) loan with my ex partner. He and his fiance are going to buy me out. We had approval from RBS (One Account) to substitute my name with hers. The transfer of equity has to be completed by a for RBS (One Account) (apparently). In order to save fees can I do the Land Registry change?
- My financial adviser has suggested using their conveyancer for my Transfer of Equity plus remortgage with RBS (One Account) - Surely it’s better to just use them?
- I got my Decree Absolute two years ago. I simply never got around to change the ownership from both our names to my name alone. I now plan to deal with it and there are no objections. Transfer-of-equity is presumably the way forward. RBS (One Account) is willing to transfer the property and loan in my name (affordability checks done). Does she need a conveyancer?
Questions that your conveyancing solicitor may ask about your RBS (One Account) Transfer of Equity
Who will be responsible for the costs of the Transfer of Equity?
Please give the details of anyone to be added to the property title?
Please provide the name(s) and addresse(s) of anyone to be
extracted from the title deeds?
Have you approached RBS (One Account) to seek consent to the Transfer of Equity
Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?
General Advice to read in conjunction with the above RBS (One Account) transfer of equity Info :
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 RBS (One Account) 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 require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in violation of your covenants under the lease. This could potentially result in 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 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 time of completion of the transfer of equity transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with RBS (One Account).
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 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. Lender Panel.com Ltd will not be liable for any direct or indirect loss or damage arising out of or in connection with the use of this information.
