Top seven questions relating to RBS - Virgin One transfer of equity
- When it comes to transfer of equity conveyancing involving refinance with RBS - Virgin One should I be invoiced value added tax on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
- Will I have to pay any fees for a Transfer of Equity where the current home loan is with RBS - Virgin One?
- I plan to refinance my flat in Littleborough
changing from Yorkshire Building Society to RBS - Virgin One. The apartment is currently in joint names but intend for it to be in my sole name when I switch. My husband has verbally consented to this and is happy to transfer equity but neither of us want to incur conveyancer fees.
- What legal advice do I need when doing a transfer of equity where the mortgage is to remain with RBS - Virgin One?
- Online reading suggests 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 if I need to be transferring equity and simultaneously switching mortgage with RBS - Virgin One
- I am in the process of mortgaging my home in Sedgefield
does my lawyer need to be on the RBS - Virgin One Solicitor panel. The conveyancing also involves a transfer of equity.
- I am trying to find a conveyancer to handle my transfer of equity. RBS - Virgin One have been approached for a refinancing. I considered asking my mortgage broker. I am lead to believe he may receive a referral fee for recommending a firm, but also of benefit will be that he knows the conveyancer, has a working relationship with them. Is my logic flawed?
Sample of questions in a conveyancer form concerning a RBS - Virgin One Transfer of Equity
If are going to hold 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 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 provide details of the amount?
Who will be responsible for the costs of the Transfer of Equity?
Has one of the registered owners passed away? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..
Please list all persons who occupy the property, their respective ages and relationships to you.
Information to consider in conjunction with 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 properties
Should the tenure of your property be leasehold, the lease may require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of the lease. This could trigger the freeholder taking enforcement action against you.
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 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 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 market value of the property at the time of completion of the transfer of equity transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with RBS - Virgin One.
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 lawyer 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.