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RBS - Virgin One

Questions and answers: RBS - Virgin One transfer of equity

  • Will I have to pay any fees for a Transfer of Equity where the existing home loan is with RBS - Virgin One?
  • Me and a friend got a joint mortgage with RBS - Virgin One on a property a couple of years ago. I am now thinking of purchasing a property by myself and my friend would like to buy me out. Assuming we can agree a price where do we go? Is there likely to be any issue with RBS - Virgin One with him being responsible for the total loan rather than only part of it?
  • I already have a home loan with RBS - Virgin One and am maintaining my existing mortgaging but applying to have have the equity transferred to my sole name so my ex will come off the deeds. How long do RBS - Virgin One take to process the application?
  • When it comes to transfer of equity conveyancing involving a remortgage with RBS - Virgin One should I be paying 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
  • My current mortgage is with RBS - Virgin One. Can I transfer equity to someone who is not yet eighteen years old?
  • At what stage do I incur the Stamp Duty Land Tax payable for the transfer of equity in my property in my sole name which is happening simultaneously with a switching mortgage via RBS - Virgin One?
  • My divorce is through as is the consent order. Now I need to deal with the transfer of equity for the property and the RBS - Virgin One mortgage. I have contacted RBS - Virgin One for the transfer of equity forms. What happens next?

Questions that your conveyancer is likely to ask in relation to your RBS - Virgin One Transfer of Equity

Has consent been obtained from RBS - Virgin One to the proposed transfer of equity?

Has 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.

Please give the name(s) and addresse(s) of anyone to be added to the property title?

Will there be any consideration monies passing between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive the same

We need you to supply the National Insurance Number(s) of all the new owners (required for completion of the SDLT Form)

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?

Caveats to be read in supporting 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 premises

Should the tenure of your property be leasehold, 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 breach of 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 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 varies based 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 conveyancer 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 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 RBS - Virgin One transfer of equity