Royal Bank of Scotland -Natwest One transfer of equity: q and a’s

• Do I need legal representation when doing a transfer of equity where the mortgage is to remain with Royal Bank of Scotland -Natwest One?
• Three years ago I bought a house without my fiance’s name on the deeds. My lawyer said it is due to the fact that she was not in the mortgage with Royal Bank of Scotland -Natwest One. I'm wondering is there any way that I can add her name on the documents at HMLR?
• Have recently split up with my ex of twenty years. I'm now living with my parents again and she wishes to remain in the apartment and buy me out. What portion am I entitled to. Is it 50% of the equity after discharging the mortgage with Royal Bank of Scotland -Natwest One? I assume proper valuations are required but I really need to be sure that I'm getting I am not being walked over
• Will I incur any fees for a Transfer of Equity where the current home loan is with Royal Bank of Scotland -Natwest One?
• The mortgage broker has suggested using their conveyancer for my Transfer of Equity plus remortgage with Royal Bank of Scotland -Natwest One - Surely it’s better to just instruct them?
• Is stamp duty payable when it comes to an transfer of equity with a mortgage with Royal Bank of Scotland -Natwest One?
• My father died last January leaving a unencumbered house to me and my half brother equally. He has always lived in the house, there was a provision in the will saying the premisescould not be sold for 2 years after her death so he could remain there for a prescribed period. He now says he would like to remain in the premises beyond the specified period. We have considered a transfer of equity. Would I be right in thinking that we should get a valuation then he'd get a home loan in the traditional way to buy my equity?

Information that may be required from your conveyancer may ask about your Royal Bank of Scotland -Natwest One Transfer of Equity

Caveats to be read in further to the above Royal Bank of Scotland -Natwest One transfer of equity Info :

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 Royal Bank of Scotland -Natwest One conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you have a license to do so from the landlord. If such terms are not adhered to you may be in violation 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 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 conveyancer will check with Royal Bank of Scotland -Natwest 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 Royal Bank of Scotland -Natwest 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.

Preparing the Transfer of Equity with a Royal Bank of Scotland -Natwest 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 Royal Bank of Scotland -Natwest 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 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.