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Are you in need of a Transfer of Equity with a The Royal Bank of Scotland plc mortgage? Failing to check that a lawyer is on the The Royal Bank of Scotland plc 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.

Sample questions relating to Royal Bank of Scotland transfer of equity

  • Is it possible to apply to borrow a further advance from Royal Bank of Scotland as part of a Transfer of Equity?
  • Given that we have been four years separated I have decided to give up my share of the property to my husband who is refinancing with Royal Bank of Scotland. Can a transfer of equity be completed in less than 28 days?
  • My current home loan is with Royal Bank of Scotland. Can I transfer equity to someone who is not yet eighteen years old?
  • My financial adviser has suggested using their lawyer for the Transfer of Equity plus remortgage with Royal Bank of Scotland - Is it not simpler easier to just use them?
  • I co-own a apartment in Dunnington , with a Royal Bank of Scotland mortgage with my former partner. Him and his new partner are going to acquire my share. We had approval from Royal Bank of Scotland to substitute my name with hers. The transfer of equity has to be completed by a conveyancer for Royal Bank of Scotland (apparently). Can we do the Land Registry formalities?
  • I am are looking to find an affordable conveyancing lawyer to help me sell in a transfer of equity and refinance with Royal Bank of Scotland. I want to avoid being ripped off and there are so many conveyancing organisations who do transfer of equity conveyancing to pick from...how do I know which one is best appoint?
  • I am disposing of my share of a flat in Hendon to my co-owners fiance, they are sticking with Royal Bank of Scotland being the the existing lender. We are debating as to who must pay the costs of the transfer of equity. Is this normally split or is one of us liable for the fees for?

Information that may be required from your lawyer is likely to ask about your Royal Bank of Scotland Transfer of Equity

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

Please confirm where you are providing any payment for the Transfer of Equity and to whom and specify any such sums?

Please give the details of anyone to be added to the property title?

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

Where you 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 let us know of you wish us to draw up a Declaration of Trust. If so are you happy to pay for the additional fee (beyond the Transfer of Equity fee)?

Important warnings to consider in conjunction with the above Royal Bank of Scotland 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 Royal Bank of Scotland conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

If your property is leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such terms are not adhered to 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 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 Royal Bank of Scotland 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 Royal Bank of Scotland 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 market value of the property at finalisation of the transfer of equity transaction.
If you do not keep up the payments on your mortgage with Royal Bank of Scotland your property may be repossessed.

Preparing the Transfer of Equity with a Royal Bank of Scotland 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 Royal Bank of Scotland 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 Royal Bank of Scotland transfer of equity