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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.

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

  • I am looking for a conveyancer to deal with my transfer of equity. RBS (One Account) have been approached for a remortgage. I thought of asking my mortgage broker. I am lead to believe he may receive a kickback for recommending someone, but also of benefit will be that he knows the conveyancer, has a working relationship with them. Any flaws you see in this way of thinking?
  • My divorce is through as is the consent order. Now I must address the transfer of equity on title deeds and the RBS (One Account) mortgage. I have asked RBS (One Account) for the transfer of equity forms. What are my next steps?
  • Can you tell me how to have a person removed from the title documents to a property where the mortgage is with RBS (One Account)
  • Am I best advised stop my mortgage payments with RBS (One Account) once a date for my remortgage and transfer of equity has been set?
  • Have recently separated from my partner of twenty years. I'm now back with my parents again and she wants to stay in the flat and pay me off. What percentage do I get. Is it 50% of the equity after discharging the mortgage with RBS (One Account)? I assume proper valuations are necessary but I really need to be sure that I'm getting the best deal
  • Is it possible to apply to borrow a further advance from RBS (One Account) as part of a Transfer of Equity?
  • I am led to believe we would need at least AP1 and TR1. Is this true?

Examples of information requested in a conveyancing solicitor form concerning a RBS (One Account) Transfer of Equity

Have you approached RBS (One Account) to obtain consent to the 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?

Please provide the details of anyone to be removed from the title deeds?

Is it the case that one of the registered proprietors passed away? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

If you are adding a person 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.

Information to consider in further to the above RBS (One Account) 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 RBS (One Account) conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

If your property is leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such conditions are not complied with 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 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 lawyer 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 conveyancer 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