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RBS - Virgin One

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.

Common questions relating to RBS - Virgin One transfer of equity

  • What can I do where I am not happy with the conveyancer who handled our transfer of equity transaction?
  • My fiance and myself equally own a buy to let. I am a top rate tax payer. Preferably I would like to do a transfer of equity to her sole name in order mitigate tax on the letting income. If RBS - Virgin One are content with this the legal fees are inexpensive. However what happens when we dispose of the property? As I would no longer be on the title documents would I lose my CGT relief.
  • My partner and I co-own a house in Heathfield . Home loan is with RBS - Virgin One. I wish to transfer full ownership to him with no payment of money but without using a lawyer. Do you think this should be simple?
  • Me and a friend got a joint mortgage with RBS - Virgin One on a flat a couple of years ago. I am now looking to get a house by myself and my friend would like to buy me out. Assuming we can agree a price what happens next? Would there be any potential problem with RBS - Virgin One with him being on the hook for the total mortgage rather than only part of it?
  • I bought a flat with my cousin in 2008 Since then, we have both got married. We are now intending to do a transfer of equity so my name is removed the RBS - Virgin One mortgage. There is a significant difference between the value the lender say and what the property would sell for currently. Can you offer any advice?
  • Can I transfer the equity held in my property with my RBS - Virgin One home loan?
  • RBS - Virgin One have today agreed I can take over the home loan on the flat. I have applied for a transfer of equity but presumably there is a transfer of ownership of the house as well?

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

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

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

Have you approached RBS - Virgin One to seek consent to the Transfer of Equity

Would you like us to draw up a Declaration of Trust. If so are you happy to pay for the additional fee (beyond the Transfer of Equity fee)?

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

Will there be any consideration monies passing between the parties for the Transfer of Equity? If so, please state the amount and who is to receive the same

Information to consider in conjunction with 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 premises

If your property is leasehold, the lease may require that you obtain the consent of the freeholder. If such conditions are not complied with 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 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 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 finalisation 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