Sample questions relating to Bank of Scotland transfer of equity
- Can you tell me how to have someone removed from the title documents to a house if the home loan is with Bank of Scotland
- In 2009 I purchased a apartment without my wife's name on the title. My lawyer advised it is because she was not in the mortgage with Bank of Scotland. I'm wondering is there any way that I can add her name on the title?
- At what point do I pay the Stamp Duty Land Tax payable for the transfer of equity in my home in my sole name which is taking place simultaneously with a remortgage with Bank of Scotland?
- My father passed away half a year ago leaving a mortgage-free property to me and my half brother 50:50. He has always lived in the house, there was a clause in her will specifying that the premisescould not be sold for 2 years after her passing so he could remain there for a while. He now says he would like to remain in the property beyond the specified period. We have discussed a transfer of equity. Would I be right in thinking that we'd get a valuation then he'd get a home loan in the traditional way to acquire my half from me?
- My former wife are seeking to get a conveyancer lined up for a remortgage with Bank of Scotland. Transfer of Equity conveyancing is also neededI have used the different rating based websites and the results are from all over the country. How necessary is it to instruct a conveyancer local to us?
- What are the average legal costs are for a transfer of equity? I need to transfer equity and remortgage - moving over to Bank of Scotland - and have been quoted £350 excluding VAT by Bank of Scotland's appointed conveyancing solicitor, Have I been over quoted?
- Online research 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 need to be transferring equity and simultaneously switching mortgage with Bank of Scotland
Examples of information requested in a conveyancing solicitor questionnaire relating to Bank of Scotland Transfer of Equity
If are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?
Where you are adding someone on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.
Can you give the details of anyone who jointly owns the property with you?
Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?
Has one of the registered proprietors died? If so please forward us with a copy of the Death Certificate, Probate and a copy of the Will.
Is the transfer of equity subject to a court order? If yes please supply a copy
Important warnings to consider in supplemental the above Bank of Scotland transfer of equity Info :
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 Bank of Scotland 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 restrictions are not strictly observed you may be in violation of your covenants under the lease. This could potentially result in the freeholder taking enforcement action against you.
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 Bank of Scotland 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 Bank of Scotland 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 is dependent on the market value of the property at the conclusion of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Bank of Scotland.
Preparing the Transfer of Equity with a Bank of Scotland 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 Bank of Scotland 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.
Information provided 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.