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RBS (One Account)

RBS (One Account) transfer of equity example support desk enquires

  • In 2009 I purchased a property without my fiance’s name on the deeds. My conveyancer advised it is due to the fact that she was not in the mortgage with RBS (One Account). Is it possible for me to put her name on the documents at HMLR?
  • Me and my former husband and I are are looking to find an affordable conveyancing solicitor to help me sell in a transfer of equity and refinance with RBS (One Account). I I am concerned about appointing the wrong one and there are lots of conveyancing solicitors who do transfer of equity conveyancing out there...who's the best?
  • My partner and I jointly own a property in Romsey . Mortgage is with RBS (One Account). I want to transfer full ownership to him with no exchange of money but without using a conveyancing solicitor. Is this likely to be straightforward?
  • I am refinancing my apartment in Ampthill does my lawyer need to be on the RBS (One Account) Conveyancing panel. The conveyancing also involves a transfer of equity.
  • My existing mortgage is with RBS (One Account). Can I transfer equity to someone who is not yet 18 years old?
  • Am I best advised stop my mortgage payments with RBS (One Account) as soon as a date for my remortgage and transfer of equity has been set?
  • Law week I separated from my ex of twenty years. I'm now living with my parents again and she wishes to remain in the flat and buy me out. What portion do I get. Is it 50% of the equity after discharging the mortgage with RBS (One Account)? I assume proper valuations are necessary but I would like to be sure that I'm getting what I am entitled to

Questions that your conveyancer is likely to ask about your RBS (One Account) Transfer of Equity

If are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

Please list all persons who occupy the property, their respective ages and relationships to you.

Have you approached RBS (One Account) to seek consent to the Transfer of Equity

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

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

Caveats to be read in supplemental the above RBS (One Account) transfer of equity Advice :

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 have a requirement for notices to be served and that you obtain the consent of the landlord. 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 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 lawyer 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.
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 lawyer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Content 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.


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