Common questions relating to Royal Bank of Scotland transfer of equity

• My mortgage broker has suggested using their conveyancing solicitor for our Transfer of Equity plus remortgage with Royal Bank of Scotland - Is it not simpler advisable to just use them?
• In 2011 I bought a flat without my partner's name on the deeds. My claimed it is due to the fact that she was not in the loan offer with Royal Bank of Scotland. I'm wondering is there any way that I can add her name on the documents at HM Land Registry?
• Me and my partner co-own a flat in Wakefield . Home loan is with Royal Bank of Scotland. I would like to transfer full ownership to him with no passing of money but without using a . Is this likely to be straightforward?
• What is the process for having a person removed off the title documents to a house if the home loan is with Royal Bank of Scotland
• Have recently split up with my partner of thirty years. I'm now back with my parents again and she wants to stay in the property and pay me off. What portion do I get. Is it 50% of the equity after paying off the Royal Bank of Scotland home loan? I assume proper valuations are required but I really need ensure that I'm getting I am not being walked over
• Do I need legal advice when doing a transfer of equity where the home loan is to remain with Royal Bank of Scotland?
• What should I be budgeting for when it comes to what solicitors costs are for a transfer of equity? I need to transfer equity and refinance - new loan with Royal Bank of Scotland - and have been quoted £350 including VAT by Royal Bank of Scotland's approved , Have I been over quoted?

Information that may be required from your conveyancer is likely to ask about your Royal Bank of Scotland Transfer of Equity

Information to consider in supporting 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 titles

If your property is leasehold, provisions in the lease may require that you obtain the consent of 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 varies based on the market value of the property at finalisation of the transfer of equity conveyancing.

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.

Content 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. Lender Panel.com Ltd will not be liable for any direct or indirect loss or damage arising out of or in connection with the use of this information.