Sample questions relating to Bank of Scotland transfer of equity
- My ex-fiance and I are searching for an affordable conveyancing lawyer to assist in a transfer of equity and remortgage with Bank of Scotland. I really don't want to get ripped off but with so many conveyancing firms who do transfer of equity conveyancing to pick from...who's the best?
- I co-own a flat in Miles Platting
, with a Bank of Scotland mortgage with my former partner. Him and his fiance are going to acquire my share. We had consent from Bank of Scotland to replace my name with hers. The transfer of equity has to be completed by a conveyancer for Bank of Scotland (apparently). Can we deal with the Land Registry change?
- The mortgage broker has recommended their conveyancing solicitor for the Transfer of Equity plus remortgage with Bank of Scotland - Surely it’s advisable to just instruct them?
- In 2012 I purchased a property without my wife's name on the title. My lawyer said it is due to the fact that she is not in the mortgage with Bank of Scotland. Is it possible for me to add her name on the title?
- I am transferring my share of a house in Birmingham to the other co-owners fiance, they are reapplying to Bank of Scotland. We are in heated discussion as to who must pay the costs of the transfer of equity. Should this be shared or is one of us liable for the costs of?
- What should I be budgeting for when it comes to what conveyancing fees are for a transfer of equity? I'm in the process of remortgaging - new loan with Bank of Scotland - and have been quoted £350 excluding VAT by Bank of Scotland's appointed lawyer, Is this is a good price or not?
- I am in the process of removing a name from a joint mortgage and the Bank of Scotland require me to use a conveyancing solicitor to carry out the paperwork. Can you recommend a reasonably priced Rye
conveyancing solicitor to deal with the transfer of equity? They need to be on the Bank of Scotland conveyancing panel.
Information that may be required from your conveyancing solicitor could ask about your Bank of Scotland Transfer of Equity
Please provide the details of anyone to be added to the property title?
Where you are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?
Please inform us if you are making any payment for the Transfer of Equity and to whom and give details of the amount?
Would you like us to draw up a Declaration of Trust. If so are you happy to pay for the further fee (beyond the Transfer of Equity fee)?
Has consent been obtained from Bank of Scotland to the proposed transfer of equity?
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 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 titles
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 strictly observed you may be in violation of the lease. This could potentially result in the freeholder taking enforcement action against you.
If the transfer of equity is made pursuant to 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 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 time of completion of the transfer of equity transaction.
If you do not keep up the payments on your mortgage with Bank of Scotland your property may be repossessed.
Preparing the Transfer of Equity with a Bank of Scotland 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 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 conveyancing solicitor 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.