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RBS - Virgin One

Questions and answers: RBS - Virgin One transfer of equity

  • What if my application doesn't meet RBS - Virgin One lending criteria for a transfer of equity?
  • Can I transfer the equity held in my property with my RBS - Virgin One home loan?
  • Have recently split up with my partner of 18 years. I'm now back with my parents again and she wants to stay in the flat and pay me off. What portion do I get. Is it 50% of the equity after discharging the RBS - Virgin One home loan? I assume proper valuations are required but I really need to be confident that I'm getting the best deal
  • What do I do if I am unhappy with the conveyancing solicitor who conducted my transfer of equity conveyancing?
  • I currently have a joint RBS - Virgin One mortgage with my cousin and am looking into the possibility of him assuming responsibility for the outstanding mortgage and extracting myself from it, so as to enable me to buy a property with my partner. The outstanding mortgage is in the region 200k, and the property value is about 500k. Is this a transfer of equity? Is land tax involved?
  • I am answering a RBS - Virgin One transfer of equity form and have come to the questions regarding defaults etc. I do some debts that I have been paying off since 2008, in fact they no longer remain my credit score. Do I need to declare these?
  • I am searching for a dependable conveyancing solicitor to assist in a transfer of equity and remortgage with RBS - Virgin One. I really don't want to get ripped off but with so many conveyancing organisations who do transfer of equity conveyancing to pick from...how do I know which is best appoint?

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

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

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.

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

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

Please provide the details of anyone to be removed from the property title?

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?

General Advice to read in supplemental 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

If your property is leasehold, provisions in 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 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 varies based on the valuation of the property at the conclusion of the transfer of equity conveyancing.
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.

Information provided 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