LenderPanel.com

Find a Law Firm for your Transfer of Equity approved by
RBS - Virgin One

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

  • My ex-wife and I are in the market for an affordable conveyancing lawyer to help me sell in a transfer of equity and refinance with RBS - Virgin One. I want to avoid being ripped off and there are so many conveyancing solicitors who do transfer of equity conveyancing out there...who's the best?
  • I am in the process of removing a name from a joint mortgage and the RBS - Virgin One need me to use a lawyer to carry out the legalities. Can you recommend a reasonably priced Romsey lawyer to deal with the transfer of equity? They need to be on the RBS - Virgin One conveyancing panel.
  • My wife and myself equally own a BTL. I am a higher rate tax payer. Ideally I would like to complete a transfer of equity into her name to mitigate tax on the letting income. Assuming RBS - Virgin One are content with this the legal fees are not high. However what happens when we sell? As I would no longer be on the title documents would I lose my CGT relief.
  • Having been four years estranged I have decided to transfer my share of our former home to my husband who is refinancing with RBS - Virgin One. Could this transfer of equity be done within one month?
  • My divorce is through as is the consent order. Now I have to sort out the transfer of equity for the property and the RBS - Virgin One home loan. I have called RBS - Virgin One for the transfer of equity application. What do I do now?
  • Me and a friend got a joint mortgage with RBS - Virgin One on a property about a year ago. I am now looking to get a property on my own and my friend would like to buy me out. Assuming we can agree a price where do we go? Would there be any potential concerns with RBS - Virgin One with him being responsible for the total mortgage as opposed to only part of it?
  • What is the process for having someone removed from the title documents to a property if the home loan is with RBS - Virgin One

Sample of questions in a lawyer form concerning a RBS - Virgin One Transfer of Equity

We need you to provide the National Insurance Number(s) of all the new owners (required for submission of the Stamp Duty Land Tax Form)

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

Would you like us to draft you Declaration of Trust. If so are you willing to incur the further fee (beyond the Transfer of Equity fee)?

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?

Where you 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?

Information to consider in supporting the above RBS - Virgin One transfer of equity Questions and Answers :

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

Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such terms are not adhered to you may be in violation 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 as a result of 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 lawyer 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 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 conveyancing solicitor 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 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