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Questions and answers: RBS (One Account) transfer of equity

  • What are the average conveyancing charges are for a transfer of equity? I need to transfer equity and refinance - new loan with RBS (One Account) - and have been quoted £350 including VAT by RBS (One Account)'s approved conveyancing solicitor, Is this is a good price or not?
  • Our financial adviser has suggested using their conveyancing solicitor for my Transfer of Equity plus remortgage with RBS (One Account) - Is it not simpler easier to just instruct them?
  • I am in the process of removing a name from a joint mortgage and the RBS (One Account) require me to use a conveyancing solicitor to carry out the legalities. Can you recommend a reasonably priced Wakefield lawyer to deal with the transfer of equity? They need to be on the RBS (One Account) conveyancing panel.
  • Can you tell me how to have a person removed from the deeds to a house if the home loan is with RBS (One Account)
  • I already have a home loan with RBS (One Account) and am maintaining my current mortgaging but applying to have have the equity transferred to my sole name so my former husband will be removed from the mortgage. How long do RBS (One Account) take to process the application?
  • Can I transfer the equity held in my property with my RBS (One Account) home loan?
  • How and when do I cover the costs of the Stamp Duty Land Tax chargeable for the transfer of equity in my home in my sole name which is happening simultaneously with a remortgage via RBS (One Account)?

Information that may be required from your conveyancer may ask in relation to your RBS (One Account) Transfer of Equity

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

Is the transfer of equity subject to a court order? If yes please supply a copy

Please provide a copy of your National Insurance Number?

Please give the name(s) and addresse(s) of anyone to be added to the title deeds?

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?

If you are adding a person 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.

Information to consider in further 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 require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation of 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 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 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 varies based on the market value of the property at finalisation of the transfer of equity conveyancing.
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 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 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.


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