(If this matters, you must have a very good reason for wanting to pay life.) If the target Equipment can't legally be attached to the target attacking creature when Raubahn's last ability resolves, the Equipment won't move
Im not going to throw any game-specific terminology around, or bog down this post with dull rule explanations

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This is amazing alongside cards like Necropotence or Phyrexian Arena, where paying life doubles as ramp
Since Charcadet has a Colorless Energy attack, it should rather be evolved into Ceruledge in a Psychic deck
Do you have any particularly odd way you like to play with a large card count, or are you a competitive person looking to cut all corners to get the best advantage