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Royal Bank of Scotland

Sample questions relating to Royal Bank of Scotland transfer of equity

  • What can I do where I am dissatisfied with the lawyer who carried out my transfer of equity transaction?
  • What is the process for having someone removed off the title documents to a property where the mortgage is with Royal Bank of Scotland
  • I understand we would need at least AP1 and TR1. Is this true?
  • The financial adviser has suggested using their conveyancer for the Transfer of Equity plus remortgage with Royal Bank of Scotland - Surely it’s advisable to just use them?
  • I am in the process of refinancing my apartment in Timperley does my lawyer have to be on the Royal Bank of Scotland Solicitor panel. The conveyancing also involves a transfer of equity.
  • My Royal Bank of Scotland mortgage we jointly entered into with ex, who is agreeable to come off the deeds and let me have the property. Royal Bank of Scotland have consented to the transfer of equity to my individual name. Will Royal Bank of Scotland write my employer to verify my salary?
  • What if my application doesn't meet Royal Bank of Scotland lending criteria for a transfer of equity?

Questions that your lawyer could ask in relation to your Royal Bank of Scotland Transfer of Equity

Please give the details of anyone to be extracted from the property title?

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

If 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?

Would you like us to prepare Declaration of Trust. If so are you happy to incur the further fee (beyond the Transfer of Equity fee)?

Please clarify if you are providing any payment for the Transfer of Equity and to whom and specify any such sums?

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

Information to consider in in addition 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 properties

Should the tenure of your property be 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 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 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 varies based on the valuation 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 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 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