LenderPanel.com

Find a Law Firm for your Transfer of Equity approved by
Royal Bank of Scotland

Sample questions relating to Royal Bank of Scotland transfer of equity

  • How much the typical legal charges are for a transfer of equity? I need to transfer equity and remortgage - new loan with Royal Bank of Scotland - and have been quoted Four Hundred pounds plus VAT by Royal Bank of Scotland's approved conveyancing solicitor, Have I been over quoted?
  • My mother died seven months ago leaving a mortgage-free property to me and my half brother equally. He has always lived in the property, there was a condition in the will specifying that the housecould not be sold for 24 months following her death so he could continue to live there for a prescribed period. He now says he would like to remain in the property beyond the prescribed period. We have discussed a transfer of equity. Am I right in saying we'd get a valuation then he'd get a home loan in the traditional way to purchase my half from me?
  • Taking into account that we have been four years estranged I have decided to relinquish up my share of our property to my husband who is refinancing with Royal Bank of Scotland. Can a transfer of equity be completed in less than four weeks?
  • I am hoping to remortgage my apartment in Friern Barnet changing from Santander to Royal Bank of Scotland. The maisonette is currently in joint names but I would like it to be in my sole name once I transfer. My wife is OK with this and is happy to sign a form but neither of us want to incur lawyer fees.
  • I am answering a Royal Bank of Scotland transfer of equity application and have arrived at the part concerning debts etc. I do some debts that I have been clearing over a long period, I understand that they have long since disappeared from my credit rating. Must I set these out?
  • I got my Decree Absolute in 2010. Foolishly I never dealt with the change the ownership from the current 'joint' status to just in my name. I now plan to deal with it and there are no objections. Transfer-of-equity is needed. Royal Bank of Scotland is willing to transfer the property and loan in my name (affordability checks done). Does she need a solicitor?
  • I already have a mortgage with Royal Bank of Scotland and am maintaining my existing mortgaging but applying to have have the equity transferred to my sole name so my ex won't be on it any longer. How long does the whole transfer of equity process take?

Information that may be required from your conveyancing solicitor is likely to ask in relation to your Royal Bank of Scotland Transfer of Equity

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 list all persons who occupy the property, their respective ages and relationships to you.

Where you are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

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

Will there be any consideration monies passing between the parties for the Transfer of Equity? If so, please state the amount and who is to receive the same

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

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

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

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 freeholder. If such terms are not adhered to 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 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 conveyancing solicitor 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 conveyancing.
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 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