Sample questions relating to RBS - Virgin One transfer of equity

• I am transferring my equity in apartment in Hendon to my co-owners fiance, they are reapplying to RBS - Virgin One. We are haggling as to who should pay the costs of the transfer of equity. Is this usually shared or is one of us liable for the legal bill?
• I am completing a RBS - Virgin One transfer of equity form and have arrived at the section that asks about defaults etc. There are some debts that I have been discharging for a number of years, I understand that they no longer remain my credit score. Must I set these out?
• Can you tell me how to have someone removed off the deeds to a property if the mortgage is with RBS - Virgin One
• I am am in need of a lawyer to handle my transfer of equity. RBS - Virgin One have been approached for a refinancing. I thought of asking my financial adviser. I understand he will likely get a kickback for suggesting a firm, but also of benefit will be that he knows the conveyancer, has dealt with them before. Any flaws you see in this way of thinking?
• My former husband are looking to get a conveyancer in place for a refinance with RBS - Virgin One. Transfer of Equity conveyancing is also neededI have used the different comparison based services and the results are from all over the country. How necessary is it to instruct a lawyer local to us?
• Do I need legal representation when doing a transfer of equity where the mortgage is to remain with RBS - Virgin One?
• Law month I split up with my wife of 18 years. I'm now living with my mum and dad and she wishes to remain in the apartment and pay me off. What portion am I entitled to. Is it half of the equity after discharging the mortgage with RBS - Virgin One? I assume proper valuations are required but I really need ensure that I'm getting the best deal

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

Information to consider in conjunction with the above RBS - Virgin One transfer of equity Advice :

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 titles

If your property is leasehold, the lease may require that you have a license to do so from the landlord. If such conditions are not complied with you may be in violation 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 finalisation of the transfer of equity transaction.

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 provided 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.