Top seven questions relating to RBS - Direct Line transfer of equity

• Law week I split up with my wife of thirty years. I'm now living with my parents again and she wishes to stay in the apartment and buy me out. What portion do I get. Is it half of the equity after redeeming the RBS - Direct Line home loan? I assume proper valuations are necessary but I would like ensure that I'm getting I am not being walked over
• My ex are looking to get a conveyancing solicitor lined up for a remortgage with RBS - Direct Line. Transfer of Equity conveyancing is also necessaryI have used the different rating based websites and the results are from all over the country. Do we need to instruct a conveyancer local to us?
• I am in the process of removing a name from a joint mortgage and the RBS - Direct Line require 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 - Direct Line conveyancing panel.
• Is stamp duty payable when it comes to an transfer of equity with a mortgage with RBS - Direct Line?
• Can I apply to request more money from RBS - Direct Line as part of a Transfer of Equity?
• My divorce is through as is the consent order. Now I must address the transfer of equity for the property and the RBS - Direct Line home loan. I have contacted RBS - Direct Line for the transfer of equity application. What are my next steps?
• How do I go about adding or subtracting names (transfer of equity) to or from my RBS - Direct Line mortgage account?

Sample of information requested in a conveyancing solicitor form concerning a RBS - Direct Line Transfer of Equity

Important warnings to consider in further to the above RBS - Direct Line 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 - Direct Line conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such conditions are not complied with 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 pursuant to 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 - Direct Line 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 - Direct Line 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 valuation of the property at finalisation of the transfer of equity transaction.

Preparing the Transfer of Equity with a RBS - Direct Line 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 - Direct Line 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 conveyancing solicitor 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.