Examples of recent questions relating to RBS (One Account) transfer of equity

• My friend and I got a joint mortgage with RBS (One Account) on a apartment in 2013. I am now looking to get a house by myself and my friend would like to buy me out. On the basis that we can settle on a figure what are the next steps? Would there be any potential concerns with RBS (One Account) with him being solely liable for the total mortgage as opposed to only half of it?
• Is there such a thing a transfer of equity stamp duty calculator?
• What legal advice do I need when doing a transfer of equity where the home loan is to remain with RBS (One Account)?
• My partner and I jointly own a property in Sedgefield . Mortgage is with RBS (One Account). I wish to transfer full ownership to him with no payment of money but without using a conveyancing solicitor. Do you think this should be easy to so?
• My decree absolute is through as is the consent order. Now I must address the transfer of equity for the property and the RBS (One Account) home loan. I have called RBS (One Account) for the transfer of equity forms. What are my next steps?
• I am considering refinancing my property in Blaenavon does my lawyer need to be on the RBS (One Account) Conveyancing panel. The conveyancing also involves a transfer of equity.
• Our financial adviser has suggested using their lawyer for the Transfer of Equity plus remortgage with RBS (One Account) - Is it not simpler better to just instruct them?

Sample of questions in a conveyancing solicitor form concerning a RBS (One Account) Transfer of Equity

Information to consider in in addition to the above RBS (One Account) transfer of equity Questions and Answers :

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 properties

Should the tenure of your property be leasehold, the lease may require that you have a license to do so from the freeholder. If such terms are not adhered to you may be in violation of your covenants under 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 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 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 conveyancing.

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 conveyancing solicitor 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 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.