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Royal Bank of Scotland

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

  • Will I have to pay any fees for a Transfer of Equity where the current mortgage is with Royal Bank of Scotland?
  • What do I do if I am dissatisfied with the lawyer who conducted my transfer of equity transaction?
  • My divorce is through as is the consent order. Now I have to sort out the transfer of equity at the HMLR and the Royal Bank of Scotland home loan. I have called Royal Bank of Scotland for the transfer of equity forms. What do I do now?
  • Do I need legal representation when doing a transfer of equity where the mortgage is to remain 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 have consented to the transfer of equity to me solely. Do Royal Bank of Scotland get in touch with my employer to confirm my salary?
  • My former wife are looking to get a lawyer in place for a refinance with Royal Bank of Scotland. Transfer of Equity conveyancing is also necessaryI have used the different rating based tools and the results are from all over UK. How necessary is it to instruct a conveyancer local to us?
  • I am looking for a conveyancer to handle my transfer of equity. Royal Bank of Scotland have been approached for a refinancing. I considered asking my mortgage broker. I understand he will likely receive a referral fee for recommending someone, but also of benefit will be that he knows the conveyancing solicitor, has dealt with them before. Is my logic misguided?

Information that may be required from your conveyancer could ask regarding your Royal Bank of Scotland Transfer of Equity

Please give the name(s) and addresse(s) of anyone who jointly owns the premises with you?

Please give the details of anyone to be removed from the title deeds?

Will there be any payment between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive the same

Is the transfer of equity subject to a court order? If yes please supply a copy

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

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

General Advice to read in further to the above Royal Bank of Scotland 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 Royal Bank of Scotland 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 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 market value of the property at finalisation of the transfer of equity transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with Royal Bank of Scotland.

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 conveyancer 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 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.


Frequently asked questions relating to Royal Bank of Scotland transfer of equity