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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.

Common questions relating to RBS (One Account) transfer of equity

  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with RBS (One Account)?
  • My mortgage broker has recommended their conveyancing solicitor for my Transfer of Equity plus remortgage with RBS (One Account) - Is it not simpler easier to just use them?
  • Law month I split up with my ex of thirty years. I'm now back with my parents again and she wishes to stay in the apartment and buy me out. What percentage do I get. Is it half of the equity after paying off the RBS (One Account) home loan? I assume proper valuations are necessary but I really need to be sure that I'm getting I am not being taken advantage of
  • When it comes to transfer of equity conveyancing involving refinance with RBS (One Account) should I be invoiced VAT on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • What if my application doesn't meet RBS (One Account) lending criteria for a transfer of equity?
  • I am looking for a conveyancer to deal with my transfer of equity. RBS (One Account) are dealing with the remortgage. I thought of asking my mortgage broker. I am lead to believe he may receive a kickback for recommending a firm, but also of benefit will be that he knows the conveyancer, has a working relationship with them. Is my logic flawed?
  • I currently have a joint RBS (One Account) mortgage with my step-brother and am investigating the feasibility of him taking on the whole mortgage and removing myself from it, so as to enable me to purchase somewhere with my fiance. The outstanding mortgage is approx 175k, and the property value is in the region 600k. Is this a transfer of equity? Is land tax involved?

Information that may be required from your lawyer could ask regarding your RBS (One Account) 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 completed?

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

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

Where you are adding someone on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

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

Please let us know of you wish us to draw up a Declaration of Trust. If so are you happy to pay for the additional fee (beyond the Transfer of Equity fee)?

Information to consider in in addition 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 premises

Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. 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 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 market value of the property at the conclusion 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 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 conveyancer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Information provided 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.


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