Recently asked questions relating to RBS - Virgin One transfer of equity
- My RBS - Virgin One home loan is in joint names with ex, he has agreed to come off the mortgage and let me have the property. RBS - Virgin One will permit the transfer of equity to my individual name. Do RBS - Virgin One get in touch with my employer to confirm my salary?
- I jointly own a flat in Rye
, with a RBS - Virgin One mortgage with my ex partner. He and his fiance are going to buy me out. We had approval from RBS - Virgin One to substitute my name with hers. The transfer of equity has to be completed by a lawyer for RBS - Virgin One (apparently). In order to save fees can I deal with the Land Registry change?
- I am completing a RBS - Virgin One transfer of equity form and have come to the questions that asks about defaults etc. There are some debts that I have been reducing over a long period, in fact they no longer remain my credit records. Must I disclose these?
- Me and my partner jointly own a house in Winchelsea
. Mortgage is with RBS - Virgin One. I wish to transfer full ownership to him with no passing of money but without using a lawyer. Do you think this should be straightforward?
- In 2009 I purchased a property without my partner's name on the deeds. My conveyancing solicitor claimed it is due to the fact that she is not in the mortgage with RBS - Virgin One. Is it possible for me to add her name on the documents at HM Land Registry?
- Law week I separated from my ex of twenty years. I'm now back with my parents again and she wants to remain in the apartment and buy me out. What portion do I get. Is it half of the equity after paying off the mortgage with RBS - Virgin One? I assume proper valuations are required but I would like to be confident that I'm getting what I am entitled to
- What if my application doesn't meet RBS - Virgin One lending criteria for a transfer of equity?
Information that may be required from your conveyancer is likely to ask in relation to your RBS - Virgin One Transfer of Equity
Please give the name(s) and addresse(s) of anyone to be removed from the property title?
Please provide a copy of your National Insurance Number?
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 confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?
Has one of the registered proprietors died? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..
Will there be any payment between the parties for the Transfer of Equity? If so, please state the amount and who is to receive the same
General Advice to read in supplemental 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, provisions in 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 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.
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 conveyancing solicitor 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 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 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 conveyancing solicitor 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.
Information contained within 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.