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RBS - Virgin One

Recently asked questions relating to RBS - Virgin One transfer of equity

  • 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 set?
  • Do I need legal advice when doing a transfer of equity where the mortgage is to remain with RBS - Virgin One?
  • My brother and I got a joint mortgage with RBS - Virgin One on a property a couple of years ago. I am now thinking of purchasing a house on my own and my friend would like to buy me out. Assuming we can agree an amount what are the next steps? Is there likely to be any problem with RBS - Virgin One with him being on the hook for the total mortgage as opposed to only part of it?
  • Can I apply to request more money from RBS - Virgin One as part of a Transfer of Equity?
  • How do I go about adding or removing names (transfer of equity) to or from my RBS - Virgin One mortgage account?
  • My ex-fiance and I are are looking to find a quality conveyancing lawyer to assist in a transfer of equity and remortgage with RBS - Virgin One. I am aware of the dangers of getting ripped off but with many conveyancing organisations who do transfer of equity conveyancing out there...how do I know which one is best select?
  • What can I do where I am not happy with the conveyancing solicitor who conducted our transfer of equity conveyancing?

Sample of information requested in a conveyancer questionnaire relating to RBS - Virgin One Transfer of Equity

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

If you are adding someone on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

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

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

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

Please confirm if you are making any payment for the Transfer of Equity and to whom and notify us the amount?

Information to consider in in addition 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 titles

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 conditions 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 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 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 conclusion 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 conveyancer 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 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