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RBS - Virgin One transfer of equity example support desk enquires

  • Law month I split up with my ex of 18 years. I'm now back with my parents again and she wants to stay in the property and pay me off. What percentage do I get. Is it 50% of the equity after redeeming the mortgage with RBS - Virgin One? I assume proper valuations are required but I really need to be confident that I'm getting the best deal
  • Am I best advised stop the direct debit for my mortgage with RBS - Virgin One once a date for my remortgage and transfer of equity has been agreed?
  • What are the average solicitors charges are for a transfer of equity? I'm in the process of remortgaging - moving over to RBS - Virgin One - and have been quoted £250 plus VAT by RBS - Virgin One's approved conveyancer, Have I been over quoted?
  • Two years ago I purchased a apartment without my fiance’s name on the title documents. My lawyer said it is because she is not in the mortgage with RBS - Virgin One. Is it possible for me to add her name on the title?
  • I am led to believe we would need at least AP1 and TR1. Is this true?
  • My fiance and I equally own a BTL. I am a higher rate tax payer. Preferably I would like to complete a transfer of equity into her name with a view to reduce our tax on rental income. If RBS - Virgin One are content with this the legal fees are inexpensive. What are the implications when we dispose of the property? As I would no longer be on the title documents am I giving up my CGT relief.
  • I am planning on removing a name from a joint mortgage and the RBS - Virgin One need me to use a lawyer to carry out the paperwork. Can you recommend a reasonably priced Heathfield lawyer to deal with the transfer of equity? They need to be on the RBS - Virgin One conveyancing panel.

Questions that your conveyancing solicitor could ask about your RBS - Virgin One Transfer of Equity

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

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

If are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Is it the case that one of the registered proprietors passed away? If so please provide us with a copy of the Death Certificate, Probate and a copy of the Will.

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

Please clarify if you are making any payment for the Transfer of Equity and to whom and give details of any such sums?

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

Tax and Legal

There are numerous potential 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

If your property is leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such restrictions are not strictly observed you may be in breach 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 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 valuation of the property at finalisation of the transfer of equity transaction.
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 lawyer 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