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Are you in need of a Transfer of Equity with a The Royal Bank of Scotland plc One Account mortgage? Failing to check that a lawyer is on the The Royal Bank of Scotland plc One Account list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

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

  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with RBS (One Account)?
  • I am trying to find a conveyancing solicitor to deal with my transfer of equity. RBS (One Account) are dealing with the remortgage. I thought of asking my mortgage broker. I understand he will likely receive a kickback for suggesting a firm, but also of benefit will be that he knows the conveyancing solicitor, has dealt with them before. Any flaws you see in this way of thinking?
  • In 2009 I purchased a house without my wife's name on the deeds. My conveyancing solicitor advised it is due to the fact that she was not in the loan offer with RBS (One Account). I'm wondering is there any way that I can put her name on the title?
  • Can you tell me how to have someone removed from the title documents to a property if the mortgage is with RBS (One Account)
  • I am transferring my share of a flat in Birmingham to my co-owners fiance, they are reapplying to RBS (One Account). We are debating as to who should pay the charges for the transfer of equity. Is this normally shared or is one party obliged to cover the costs of?
  • Is it possible to transfer the equity held in my property with my RBS (One Account) home loan?
  • Is it possible to apply to borrow more money from RBS (One Account) as part of a Transfer of Equity?

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

Is there to be any consideration monies passing between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive what amounts

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 state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

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

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

Has one of the registered proprietors died? If so please forward us with a copy of the Death Certificate, Probate and a copy of the Will.

General Advice to read in further to the above RBS (One Account) transfer of equity information :

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 require that you obtain the consent of the landlord. If such restrictions are not strictly observed you may be in breach 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 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 market value of the property at the time of completion of the transfer of equity transaction.
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 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 conveyancing solicitor 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