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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.

Examples of recent questions relating to Royal Bank of Scotland transfer of equity

  • As things stand I have a joint Royal Bank of Scotland mortgage with my cousin and am looking into the possibility of him taking on the whole mortgage and subtracting myself from it, to enable me to buy somewhere with my soon-to-be-wife. The remaining mortgage is in the region 250k, and the property value is approx 600k. Is this a transfer of equity? Is land tax involved?
  • Will I have to pay any charges for a Transfer of Equity where the existing mortgage is with Royal Bank of Scotland?
  • My existing home loan is with Royal Bank of Scotland. Can I transfer equity to someone less than eighteen years old?
  • My fiance and I equally own a buy to let. I am a top rate tax payer. Preferably I wish to complete a transfer of equity to her sole name in order mitigate tax on the letting income. Assuming Royal Bank of Scotland are fine with this the legal fees are inexpensive. What are the implications when we sell? As I would no longer be on the deeds am I giving up my CGT relief.
  • Am I best advised cancel the direct debit for my mortgage with Royal Bank of Scotland as soon as a date for my remortgage and transfer of equity has been set?
  • Online reading suggests that solicitors are more expensive than conveyancers when it comes to transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor where I am transferring equity and simultaneously remortgaging with Royal Bank of Scotland
  • My Royal Bank of Scotland home loan is in joint names with ex, who is agreeable to be removed and put the house in my name alone. Royal Bank of Scotland will permit the transfer of equity to my individual name. Will Royal Bank of Scotland call my employer to verify my salary?

Sample of information requested in a conveyancing solicitor form relating to Royal Bank of Scotland Transfer of Equity

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 give the details of anyone who jointly owns the property with you?

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

Where you are adding someone on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

Who will be responsible for the costs of the Transfer of Equity?

Please provide a copy of your National Insurance Number?

General Advice to read 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 premises

If your property is 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 complied with you may be in violation of your covenants under the lease. This could trigger 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 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 valuation of the property at finalisation of the transfer of equity conveyancing.
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.

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