Sample questions relating to RBS - Virgin One transfer of equity

• My mother died seven months ago leaving a mortgage-free property to me and my brother equally. Having continues to reside at the property, there was a provision in her will specifying that the housecould not be sold for three years after her passing so he could continue to live there for a while. He now wants to remain in the property beyond the prescribed 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 purchase my equity?
• What is the process for adding or subtracting names (transfer of equity) to or from my RBS - Virgin One mortgage account?
• Am I best advised cancel my mortgage payments with RBS - Virgin One once a date for my remortgage and transfer of equity has been agreed?
• I co-own a property in Wakefield , with a RBS - Virgin One mortgage with my former partner. Him and his new partner are going to acquire my share. We had approval from RBS - Virgin One to replace my name with hers. The transfer of equity needs to be done by a conveyancer for RBS - Virgin One (supposedly). Is it possible for us to do the Land Registry formalities?
• At what stage do I incur stamp duty due for the transfer of equity in my house in my name alone which is taking place simultaneously with a refinancing with RBS - Virgin One?
• My ex are looking to get a conveyancing solicitor in place for a refinance with RBS - Virgin One. Transfer of Equity conveyancing is also neededI have used the different comparison based websites and the results are from all over England and Wales. How necessary is it to appoint a conveyancing solicitor local to us?
• Me and a friend got a joint mortgage with RBS - Virgin One on a property a couple of years ago. I am now looking to get a property by myself and my friend would like to buy me out. Assuming we can agree a price what happens next? Would there be any potential issue with RBS - Virgin One with him being responsible for the total loan as opposed to only half of it?

Information that may be required from your lawyer may ask about your RBS - Virgin One Transfer of Equity

General Advice to read in further to the above RBS - Virgin One transfer of equity information :

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 premises

Should the tenure of your property be leasehold, provisions in the lease may require that you have a license to do so from the landlord. If such conditions are not complied with you may be in breach of your covenants under the lease. This could potentially result in 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 lawyer 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 valuation 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 lawyer 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 conveyancer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Information provided 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.