Recently asked questions relating to RBS - Direct Line transfer of equity

• My RBS - Direct Line mortgage we jointly entered into with ex, who is agreeable to come off the mortgage and put the house in my name alone. RBS - Direct Line will permit the transfer of equity to me solely. Do RBS - Direct Line call my company to confirm my salary?
• I am selling my equity in property in Warwick to my co-owners husband, they are reapplying to RBS - Direct Line. We are debating as to who should pay the legal bill for the transfer of equity. Should this be split or is one party liable for the charges for?
• I am completing a RBS - Direct Line transfer of equity form and have arrived at the part concerning defaults etc. There are some debts that I have been paying off since 2007, in fact they no longer remain my credit score. Do I need to set these out?
• I am hoping to remortgage my home in Littleborough switching from Barnsley BS to RBS - Direct Line. The home is jointly owned but I would like it to be in my sole name as and when I remortgage. My husband has agreed to this and is willing to transfer equity but neither of us want to get a second conveyancing solicitor involved.
• I am thinking of refinancing my home in Sedgefield does my lawyer have to be on the RBS - Direct Line Solicitor panel. The conveyancing also involves a transfer of equity.
• Me and my former fiance and I are searching for a dependable conveyancing solicitor to assist in a transfer of equity and refinance with RBS - Direct Line. I I am fearful of appointing the wrong one but with many conveyancing organisations who do transfer of equity conveyancing out there...who's the best?
• I got divorced three years ago. Foolishly I never dealt with the change the ownership from both our names to just in my name. I now plan to deal with it and there are no objections. Transfer-of-equity is presumably the way forward. RBS - Direct Line is content to transfer the full equity in my name (affordability checks done). Does she need a lawyer?

Examples of questions in a lawyer form relating to RBS - Direct Line Transfer of Equity

General Advice to read in further to the above RBS - Direct Line 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 - Direct Line conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

Should the tenure of your property be leasehold, the lease may require that you have a license to do so from the freeholder. If such conditions are not strictly observed 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 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 conveyancer 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 market value of the property at the time of completion 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 conveyancer 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 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.