Top seven questions relating to Royal Bank of Scotland -Natwest One transfer of equity
- My Royal Bank of Scotland -Natwest One home loan we jointly entered into with ex, he has agreed to be removed and put the house in my name alone. Royal Bank of Scotland -Natwest One have consented to the transfer of equity to my individual name. Will Royal Bank of Scotland -Natwest One get in touch with my boss to confirm my salary?
- My divorce is through as is the consent order. Now I must sort out the transfer of equity for the property and the Royal Bank of Scotland -Natwest One mortgage. I have called Royal Bank of Scotland -Natwest One for the transfer of equity application. What are my next steps?
- I am thinking of refinancing my apartment in Romsey
does my lawyer have to be on the Royal Bank of Scotland -Natwest One Conveyancing panel. The conveyancing also involves a transfer of equity.
- Online reading suggests that solicitors are more expensive than conveyancers when it comes to transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor where I am transferring equity and simultaneously switching mortgage with Royal Bank of Scotland -Natwest One
- I currently have a joint Royal Bank of Scotland -Natwest One mortgage with my step-brother and am looking into the possibility of him taking on the outstanding mortgage and subtracting myself from it, so as to enable me to buy a place with my fiance. The outstanding mortgage is approx 250k, and the property value is in the region 500k. Is this a transfer of equity? Is stamp duty due?
- What should I be budgeting for when it comes to what solicitors charges are for a transfer of equity? I'm in the process of remortgaging - new loan with Royal Bank of Scotland -Natwest One - and have been quoted £350 excluding VAT by Royal Bank of Scotland -Natwest One's approved conveyancer, Have I been over quoted?
- I co-own a flat in Dunnington
, with a Royal Bank of Scotland -Natwest One loan with my ex partner. He and his new partner are going to buy me out. We had approval from Royal Bank of Scotland -Natwest One to remove my name with hers. The transfer of equity needs to be completed by a lawyer for Royal Bank of Scotland -Natwest One (apparently). In order to save fees can I deal with the Land Registry formalities?
Sample of information requested in a conveyancer questionnaire concerning a Royal Bank of Scotland -Natwest One Transfer of Equity
Can you provide the name(s) and addresse(s) of those who jointly own the premises with you?
Is the transfer of equity subject to a court order? If yes please supply a copy
Have you approached Royal Bank of Scotland -Natwest One to seek consent to the Transfer of Equity
If you are adding a person on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.
Please let us know of you wish us to prepare Declaration of Trust. If so are you willing to incur the further fee (beyond the Transfer of Equity fee)?
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?
General Advice to read in supplemental the above Royal Bank of Scotland -Natwest One transfer of equity Questions and Answers :
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 Royal Bank of Scotland -Natwest One conveyancing panel and accountant before transferring equity.
Transfer of Equity Conveyancing for Leasehold properties
If your property is leasehold, 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 violation of the lease. This could potentially result in 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 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 valuation of the property at the time of completion of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with Royal Bank of Scotland -Natwest One your property may be repossessed.
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 lawyer 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 conveyancing solicitor should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.
Information contained within 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.
