RBS (One Account) transfer of equity: q and a’s

• Two years ago I purchased a apartment without my partner's name on the title. My lawyer advised it is because she was not in the loan offer with RBS (One Account). I'm wondering is there any way that I can add her name on the deeds?
• I am answering a RBS (One Account) transfer of equity form and have come to the part concerning debts etc. I do some debts that I have been reducing for a number of years, I understand that they have long since disappeared from my credit score. Do I need to declare these?
• Is there such a thing a transfer of equity stamp duty calculator?
• What can I do where I am dissatisfied with the lawyer who handled my transfer of equity transaction?
• RBS (One Account) have just agreed I can take over the mortgage on my home. I had applied for a transfer of equity but is this a transfer of ownership at the Land Registry in addition?
• My current home loan is with RBS (One Account). Can I transfer equity to someone less than eighteen years old?
• My divorce has gone 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 called RBS (One Account) for the transfer of equity forms. What happens next?

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

General Advice to read in in addition to 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 landlord. If such terms are not adhered to you may be in breach 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 is dependent on the valuation of the property at the conclusion 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 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 lawyer 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 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.