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Bank of Scotland Private

Common questions relating to Bank of Scotland Private transfer of equity

  • Me and my partner jointly own a property in Sedgefield . Home loan is with Bank of Scotland Private. I would like to transfer full ownership to him with no payment of money but without using a conveyancer. Is this likely to be straightforward?
  • Have recently split up with my partner of 18 years. I'm now back with my mum and dad and she wants to stay in the flat and buy me out. What portion am I entitled to. Is it half of the equity after discharging the mortgage with Bank of Scotland Private? I assume proper valuations are necessary but I really need to be sure that I'm getting I am not being walked over
  • How much the typical legal fees are for a transfer of equity? I'm in the process of remortgaging - moving over to Bank of Scotland Private - and have been quoted Three Hundred pounds plus VAT by Bank of Scotland Private's appointed lawyer, Have I been over quoted?
  • I intend to refinance my flat in Rye moving from Bank of Scotland to Bank of Scotland Private. The maisonette is jointly owned but wish for it to be in my sole name when I switch. My husband is OK with this and is happy to sign a form but neither of us want to get a second conveyancer involved.
  • I am looking for a conveyancer to handle my transfer of equity. Bank of Scotland Private are dealing with the remortgage. I thought of asking my financial adviser. I am lead to believe he may receive a kickback for suggesting someone, but also of benefit will be that he knows the lawyer, has a working relationship with them. Any flaws you see in this way of thinking?
  • When it comes to transfer of equity conveyancing involving a remortgage with Bank of Scotland Private should I be paying value added tax on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • My decree absolute has gone through as is the consent order. Now I have to address the transfer of equity for the property and the Bank of Scotland Private home loan. I have called Bank of Scotland Private for the transfer of equity forms. What are my next steps?

Sample of questions in a conveyancer questionnaire concerning a Bank of Scotland Private Transfer of Equity

Please provide the name(s) and addresse(s) of anyone to be added to the property title?

Please let us know of you wish us to draw up a Declaration of Trust. If so are you willing to incur the additional fee (beyond the Transfer of Equity fee)?

Is there to be any payment between the parties for the Transfer of Equity? If so, please state the amount and who is to receive what sums

Please list all persons who occupy the property, their respective ages and relationships to you.

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?

Has one of the registered owners died? If so please supply us with a copy of all the relevant documents e.g. the will, death certificate etc..

Important warnings to consider in in addition to the above Bank of Scotland Private transfer of equity information :

Tax and Legal

There are numerous potential 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 premises

Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you have a license to do so from the freeholder. If such conditions are not strictly observed you may be in breach of your covenants under 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 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 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 varies based on the valuation of the property at the time of completion of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with Bank of Scotland Private your property may be repossessed.

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


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