Examples of recent questions relating to RBS (One Account) transfer of equity
- Online reading suggests that solicitors are more expensive than licensed conveyancers for transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor where I am transferring equity and at the same time switching mortgage with RBS (One Account)
- My mortgage broker has recommended their conveyancer for my Transfer of Equity plus remortgage with RBS (One Account) - Is it not simpler advisable to just use them?
- My former husband are planning to get a conveyancing solicitor in place for a refinance with RBS (One Account). Transfer of Equity conveyancing is also requiredI have used the different comparison based services and the results are from all over UK. Do we need to instruct a conveyancer local to us?
- Is stamp duty payable when it comes to an transfer of equity with a mortgage with RBS (One Account)?
- I got my Decree Absolute in 2011. I simply never got around to change the ownership from the current 'joint' status to my name alone. I now plan to deal with it and there are no objections. Transfer-of-equity is needed. RBS (One Account) is willing to transfer the full equity in my name (financial checks done). Does she need any legal representation?
- My father passed away last January leaving a loan-free house to me and my half brother equally. Having continues to reside at the house, there was a provision in her will saying the housecould not be sold for 2 years after her death so he could continue to live there for a while. He now wishes to remain in the premises beyond the prescribed period. We have discussed a transfer of equity. Would I be right in thinking that we should get a valuation then he'd get a home loan in the usual way to buy my half from me?
- My decree absolute has gone through as is the consent order. Now I need to deal with the transfer of equity for the property and the RBS (One Account) mortgage. I have asked RBS (One Account) for the transfer of equity application. What are my next steps?
Information that may be required from your conveyancer could ask about your RBS (One Account) Transfer of Equity
Where you are adding someone on to the title deeds how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.
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?
Please provide the details of anyone to be removed from the property title?
Please list all persons who occupy the property, their respective ages and relationships to you.
Is the transfer of equity subject to a court order? If yes please supply a copy
Please let us know where you are providing any payment for the Transfer of Equity and to whom and disclose any such sums?
General Advice to read in in addition to the above RBS (One Account) transfer of equity Questions and Answers :
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 properties
Should the tenure of your property be leasehold, 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 your covenants under the lease. This could trigger the freeholder taking enforcement action against you.
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 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 varies based on the valuation 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 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 lawyer 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.