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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.

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

  • I already have a mortgage with Royal Bank of Scotland and am retaining my current mortgaging but seeking to have have the equity transferred to my sole name so my ex will come off the mortgage. How long can it take for the paperwork to be processed?
  • My ex-wife and I are are looking to find a responsive conveyancing solicitor to help me sell in a transfer of equity and refinance with Royal Bank of Scotland. I I am fearful of by bill escalating out of control and there's various conveyancing solicitors who do transfer of equity conveyancing out there...who do I opt for?
  • Will I incur any charges for a Transfer of Equity where the current mortgage is with Royal Bank of Scotland?
  • Been looking at online blogs that solicitors are more expensive than licensed conveyancers when it comes to transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor where I need to be transferring equity and at the same time remortgaging with Royal Bank of Scotland
  • How do I go about adding or removing names (transfer of equity) to or from my Royal Bank of Scotland mortgage account?
  • Do I need legal representation when doing a transfer of equity where the home loan is to remain with Royal Bank of Scotland?
  • As things stand I have a joint Royal Bank of Scotland mortgage with my step-brother and am investigating the option of him taking on the outstanding mortgage and extracting myself from it, to enable me to buy a property with my fiance. The remaining mortgage is approx 250k, and the property value is in the region 450k. Is this a transfer of equity? Is stamp duty due?

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

Is it the case that one of the registered proprietors died? If so please forward us with a copy of the Death Certificate, Probate and a copy of the Will.

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

Is there to be any payment between the parties for the Transfer of Equity? If so, please state the amount and who is to receive the same

Can you give the details of anyone who jointly owns the premises with you?

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

Please give the name(s) and addresse(s) of anyone to be added to the property title?

Information to consider in further to the above Royal Bank of Scotland transfer of equity Advice :

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, the lease may have a requirement for notices to be served and that you have a license to do so from the freeholder. If such conditions are not complied with you may be in breach 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 market value of the property at the time of completion 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 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 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