Examples of recent questions relating to RBS - Virgin One transfer of equity

• I am hoping to refinance my home in Crabtree switching from Leeds Building Society to RBS - Virgin One. The flat is currently in joint names but wish for it to be in my sole name as and when I switch. My wife is OK with this and is happy to sign a form but neither of us want to get a second lawyer involved.
• Law week I split up with my partner of twenty years. I'm now back with my mum and dad and she wants to remain in the apartment and buy me out. What percentage am I entitled to. Is it half of the equity after paying off the RBS - Virgin One home loan? I assume proper valuations are required but I would like ensure that I'm getting the best deal
• Is stamp duty payable when it comes to an transfer of equity with a mortgage with RBS - Virgin One?
• What if my application doesn't meet RBS - Virgin One lending criteria for a transfer of equity?
• How do I go about adding or removing names (transfer of equity) to or from my RBS - Virgin One mortgage account?
• Having been a number of years apart I have decided to relinquish up my interest in our flat to my husband who is re-mortgaging with RBS - Virgin One. Could this transfer of equity be done inside four weeks?
• What is the process for having a person removed from the deeds to a house if the home loan is with RBS - Virgin One

Questions that your conveyancer is likely to ask about your RBS - Virgin One Transfer of Equity

Caveats to be read in in addition to the above RBS - Virgin 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 RBS - Virgin One conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

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 landlord. If such restrictions 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 as a result of 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 market value of the property at the conclusion of the transfer of equity conveyancing.

Preparing the Transfer of Equity with a RBS - Virgin One Mortgage

When it comes to preparing the the Land Registry documents your conveyancer 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 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.