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Are you in need of a Transfer of Equity with a The Royal Bank of Scotland plc Virgin One mortgage? Failing to check that a lawyer is on the The Royal Bank of Scotland plc Virgin One list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

RBS - Virgin One transfer of equity example support desk enquires

  • How and when do I incur the Stamp Duty Land Tax payable for the transfer of equity in my property in my sole name which is happening at the same time as a remortgage via RBS - Virgin One?
  • My partner and myself have 50:50 shares in a buy to let. I am a higher rate tax payer. Ideally I would like to complete a transfer of equity to her sole name with a view to reduce our tax on rental income. Assuming RBS - Virgin One are content with this the legal fees are not prohibitive. What are the implications when we dispose of the property? Would my GGT relief be lost.
  • I acquired a flat with my cousin in 2010 Since then, we have both got married. We are now intending to do a transfer of equity so my name is taken off the RBS - Virgin One mortgage. There is a 30k difference between the value the mortgage company say and what the property would sell for currently. Can you offer any advice?
  • I already have a home loan with RBS - Virgin One and am keeping my current mortgaging but applying to have have the equity transferred to my name only so my ex won't be on it any longer. How long does the whole transfer of equity process take?
  • My decree absolute is through as is the consent order. Now I must address the transfer of equity at the HMLR and the RBS - Virgin One home loan. I have contacted RBS - Virgin One for the transfer of equity application. What are my next steps?
  • Do I need legal representation when doing a transfer of equity where the home loan is to remain with RBS - Virgin One?
  • I am in the process of removing a name from a joint mortgage and the RBS - Virgin One need me to use a conveyancer to carry out the paperwork. Can you recommend a reasonably priced Timperley conveyancing solicitor to deal with the transfer of equity? They need to be on the RBS - Virgin One conveyancing panel.

Questions that your conveyancing solicitor is likely to ask regarding your RBS - Virgin One Transfer of Equity

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

Where you are adding someone 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 provide the name(s) and addresse(s) of anyone to be removed from the title deeds?

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?

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been formalised?

Is there to be any payment between the parties for the Transfer of Equity? If so, please state the amount and who is to receive what figure

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 premises

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 landlord. If such conditions are not complied with you may be in breach of your covenants under the lease. This could potentially result in 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 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 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 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 conveyancer 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