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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.

Questions and answers: Royal Bank of Scotland transfer of equity

  • What do I need to do when it comes adding or subtracting names (transfer of equity) to or from my Royal Bank of Scotland mortgage account?
  • I am considering mortgaging my house in Dunnington does my lawyer need to be on the Royal Bank of Scotland Solicitor panel. The conveyancing also involves a transfer of equity.
  • Can I apply to borrow a further advance from Royal Bank of Scotland as part of a Transfer of Equity?
  • The financial adviser has recommended their lawyer for our Transfer of Equity plus remortgage with Royal Bank of Scotland - Surely it’s easier to just use them?
  • My former wife are seeking to get a conveyancing solicitor lined up for a remortgage with Royal Bank of Scotland. Transfer of Equity conveyancing is also necessaryI have used the different comparison based tools and the results are from all over England and Wales. Do we need to have a lawyer local to us?
  • My partner and I co-own a flat in Blaenavon . Home loan is with Royal Bank of Scotland. I would like to transfer full ownership to him with no payment of money but without using a conveyancing solicitor. Is this likely to be straightforward?
  • In 2009 I purchased a property without my partner's name on the ownership paperwork. My conveyancing solicitor said it is due to the fact that she is not in the mortgage with Royal Bank of Scotland. I'm wondering is there any way that I can add her name on the deeds?

Questions that your lawyer is likely to ask in relation to your Royal Bank of Scotland Transfer of Equity

Please provide the details of anyone to be added to the title deeds?

Would you like us to draw up a Declaration of Trust. If so are you willing to pay for the further fee (beyond the Transfer of Equity fee)?

Has consent been obtained from Royal Bank of Scotland to the proposed transfer of equity?

Please provide the name(s) and addresse(s) of those who jointly own the property with you?

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

Important warnings to consider in conjunction with the above Royal Bank of Scotland transfer of equity Info :

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 Royal Bank of Scotland conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

If your property is leasehold, 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 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 the conclusion 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 lawyer 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.

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 Royal Bank of Scotland transfer of equity