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RBS - Virgin One

Top seven questions relating to RBS - Virgin One transfer of equity

  • Me and a friend got a joint mortgage with RBS - Virgin One on a property about a year ago. I am now thinking of buying a apartment on my own and my friend would like to buy me out. Assuming we can agree an amount what are the next steps? Would there be any potential issue with RBS - Virgin One with him being on the hook for the total loan rather than only half of it?
  • I am in the process of removing a name from a joint mortgage and the RBS - Virgin One need me to use a lawyer to carry out the legalities. Can you recommend a reasonably priced Rye conveyancing solicitor to deal with the transfer of equity? They need to be on the RBS - Virgin One conveyancing panel.
  • I am transferring my equity in apartment in Woodside to the other co-owners husband, they are reapplying to RBS - Virgin One. We are in heated discussion as to who should pay the charges for the transfer of equity. Is this usually split or is one party obliged to cover the legal bill?
  • I purchased a flat with my cousin five.seven years ago Since purchasing the property, we have both got married. We are now seeking to do a transfer of equity so my name comes off the RBS - Virgin One mortgage. There is a meaningful difference between the value the lender hold and what the property would sell for currently. Can you offer any advice?
  • Do I need legal representation when doing a transfer of equity where the mortgage is to remain with RBS - Virgin One?
  • I am hoping to refinance my flat in Rye changing from RBS to RBS - Virgin One. The apartment is jointly owned but propose for it to be in my sole name when I switch. My wife is OK with this and is happy to sign a form but neither of us want to incur lawyer fees.
  • What if my application doesn't meet RBS - Virgin One lending criteria for a transfer of equity?

Information that may be required from your lawyer may ask regarding your RBS - Virgin One Transfer of Equity

Who will be responsible for the costs of the Transfer of Equity?

Can you provide the name(s) and addresse(s) of anyone who jointly owns the property with you?

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

Please provide the details of anyone to be added to the title deeds?

Where you are adding a person on to the title deeds how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

Important warnings to consider in further to the above RBS - Virgin One transfer of equity Info :

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 RBS - Virgin One 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 obtain the consent of the freeholder. If such conditions are not strictly observed you may be in violation of the lease. This could trigger the freeholder taking enforcement action against you.

Indemnity Insurance

If the transfer of equity is made as a result of 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 conveyancer will check with RBS - Virgin One 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 RBS - Virgin One 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 conclusion of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with RBS - Virgin One your property may be repossessed.

Preparing the Transfer of Equity with a RBS - Virgin One 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 RBS - Virgin One 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 conveyancing solicitor 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. 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 RBS - Virgin One transfer of equity