Frequently asked questions relating to Bank of Scotland Private transfer of equity

• I am hoping to remortgage my maisonette in Dunnington switching from Skipton to Bank of Scotland Private. The apartment is currently in joint names but I would like it to be in my sole name when I switch. My former partner has agreed to this and is willing to transfer equity but neither of us want to get a second conveyancer involved.
• Have recently separated from my ex of thirty years. I'm now back with my mum and dad and she wishes to remain in the apartment and buy me out. What portion do I get. Is it 50% of the equity after discharging the mortgage with Bank of Scotland Private? I assume proper valuations are required but I would like ensure that I'm getting I am not being walked over
• Is it possible to apply to borrow a further advance from Bank of Scotland Private as part of a Transfer of Equity?
• My current home loan is with Bank of Scotland Private. Can I transfer equity to someone under eighteen years old?
• What are the average solicitors charges are for a transfer of equity? I need to transfer equity and remortgage - moving over to Bank of Scotland Private - and have been quoted £350 plus VAT by Bank of Scotland Private's approved conveyancer, Have I been over quoted?
• I got my Decree Absolute two years ago. I simply never got around to transfer ownership from both our names to just in my name. I am ready to do that and so is she. Transfer-of-equity is needed. Bank of Scotland Private is content to transfer the property and loan in my name (affordability checks done). Does my ex need a conveyancer?
• I am planning on removing a name from a joint mortgage and the Bank of Scotland Private require me to use a conveyancing solicitor to carry out the paperwork. Can you recommend a reasonably priced Sedgefield conveyancing solicitor to deal with the transfer of equity? They need to be on the Bank of Scotland Private conveyancing panel.

Information that may be required from your conveyancing solicitor may ask in relation to your Bank of Scotland Private Transfer of Equity

General Advice to read in supporting the above Bank of Scotland Private transfer of equity Questions and Answers :

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 Private conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

If your property is leasehold, the lease may require that you have a license to do so from the landlord. If such terms are not adhered to you may be in violation of your covenants under the lease. This could trigger 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 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 conveyancer will check with Bank of Scotland Private 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 Private 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 finalisation of the transfer of equity transaction.

Preparing the Transfer of Equity with a Bank of Scotland Private 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 Private 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.