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RBS (One Account)

Top seven questions relating to RBS (One Account) transfer of equity

  • Can I apply to borrow a further advance from RBS (One Account) as part of a Transfer of Equity?
  • Is it sensible to cancel my mortgage payments with RBS (One Account) as soon as a date for my remortgage and transfer of equity has been agreed?
  • I am thinking of refinancing my flat in Littleborough does my lawyer have to be on the RBS (One Account) Conveyancing panel. The conveyancing also involves a transfer of equity.
  • Last year bought a house without my wife's name on the deeds. My conveyancer advised it is due to the fact that she is not in the mortgage with RBS (One Account). I'm wondering is there any way that I can put her name on the deeds?
  • Can you tell me how to have a person removed off the deeds to a property where the home loan is with RBS (One Account)
  • Me and my partner jointly own a house in Romsey . Home loan is with RBS (One Account). I wish to transfer full ownership to him with no passing of money but without using a conveyancing solicitor. Is this likely to be straightforward?
  • Is it possible to transfer the equity held in my property with my RBS (One Account) home loan?

Examples of information requested in a conveyancer form concerning a RBS (One Account) Transfer of Equity

Has consent been obtained from RBS (One Account) to the proposed transfer of equity?

We need you to provide the National Insurance Number(s) of all the new owners (required for submission of the Stamp Duty Land Tax Form)

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

Will there be any payment between the parties for the Transfer of Equity? If so, please state the amount and who is to receive the same

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?

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

Important warnings 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 titles

Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you have a license to do so from the landlord. If such conditions are not strictly observed 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 as a result of 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 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 lawyer 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.


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