Common questions relating to Royal Bank of Scotland transfer of equity

• What if my application doesn't meet Royal Bank of Scotland lending criteria for a transfer of equity?
• My former husband are seeking to get a conveyancer lined up for a remortgage with Royal Bank of Scotland. Transfer of Equity conveyancing is also necessaryI have used the different rating based services and the results are from all over England and Wales. Do we need to have a lawyer local to us?
• Royal Bank of Scotland yesterday agreed I can take over the mortgage on the flat. I had applied for a transfer of equity but is this a transfer of ownership at the Land Registry on top?
• I recently bought a apartment without my partner's name on the title documents. My conveyancing solicitor claimed it is due to the fact that she is not in the loan offer with Royal Bank of Scotland. Is it possible for me to put her name on the deeds?
• My mortgage broker has recommended their lawyer for our Transfer of Equity plus remortgage with Royal Bank of Scotland - Is it not simpler better to just instruct them?
• Will I have to pay any charges for a Transfer of Equity where the current mortgage is with Royal Bank of Scotland?
• I am answering a Royal Bank of Scotland transfer of equity request and have arrived at the questions regarding debts etc. I do some debts that I have been discharging since 2008, I understand that they no longer remain my credit score. Must I declare these?

Sample of questions in a conveyancing solicitor questionnaire relating to Royal Bank of Scotland Transfer of Equity

Caveats to be read in conjunction with the above Royal Bank of Scotland 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 Royal Bank of Scotland conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

If your property is leasehold, provisions in the lease may require 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 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 lawyer 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 the time of completion of the transfer of equity transaction.

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 conveyancing solicitor should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Information contained within this webpage is for general information and only applies to England and Wales. It should not be regarded as 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.