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Bank of Scotland

Examples of recent questions relating to Bank of Scotland transfer of equity

  • My Bank of Scotland mortgage we jointly entered into with ex, he is agreeable to be removed and let me have the property. Bank of Scotland will permit the transfer of equity to me solely. Do Bank of Scotland get in touch with my boss to verify my salary?
  • What do I need to do when it comes adding or removing names (transfer of equity) to or from my Bank of Scotland mortgage account?
  • My existing home loan is with Bank of Scotland. Can I transfer equity to someone under eighteen years old?
  • Is there such a thing a transfer of equity stamp duty calculator?
  • I am trying to find a conveyancing solicitor to undertake my transfer of equity. Bank of Scotland have been approached for a remortgage. I thought of asking my financial adviser. I am lead to believe he may get a kickback for recommending a firm, but also of benefit will be that he knows the conveyancer, has dealt with them before. Is my logic correct?
  • I am in the process of mortgaging my flat in Wakefield does my lawyer need to be on the Bank of Scotland Solicitor panel. The conveyancing also involves a transfer of equity.
  • I am transferring my share of a house in Birmingham to the other co-owners husband, they are reapplying to Bank of Scotland. We are haggling as to who must cover the legal bill for the transfer of equity. Should this be split or is one of us liable for the charges for?

Information that may be required from your conveyancing solicitor is likely to ask about your Bank of Scotland Transfer of Equity

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

Have you approached Bank of Scotland to seek consent to the Transfer of Equity

Please provide the details of anyone to be extracted from the property title?

Please provide a copy of your National Insurance Number?

Please give the name(s) and addresse(s) of anyone to be added to the title deeds?

Would you like us to draft you Declaration of Trust. If so are you willing to pay for the additional fee (beyond the Transfer of Equity fee)?

Important warnings to consider in further to 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

If your property is 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 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 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 varies based on the valuation 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 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 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.


Frequently asked questions relating to Bank of Scotland transfer of equity