Sample questions relating to Bank of Scotland Private transfer of equity

• I acquired a property with my brother in 2010 Since purchasing the property, we have both got married. We are now seeking to do a transfer of equity so my name comes off the Bank of Scotland Private mortgage. There is a 40k difference between the value the mortgage company say and what the property would sell for currently. Can you offer any advice?
• My friend and I got a joint mortgage with Bank of Scotland Private on a house in 2013. I am now thinking of purchasing a house by myself and my friend would like to buy me out. Assuming we can agree a price where do we go? Is there likely to be any issue with Bank of Scotland Private with him being solely liable for the total loan rather than only part of it?
• At what stage do I pay the Stamp Duty Land Tax payable for the transfer of equity in my property in my name alone which is taking place simultaneously with a remortgage via Bank of Scotland Private?
• What do I need to do when it comes adding or removing names (transfer of equity) to or from my Bank of Scotland Private mortgage account?
• My partner and I jointly own a flat in Blaenavon . Mortgage is with Bank of Scotland Private. I wish to transfer full ownership to him with no payment of money but without using a conveyancing solicitor. Is this likely to be straightforward?
• When it comes to transfer of equity conveyancing involving refinance with Bank of Scotland Private should I be paying value added tax on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
• 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 conveyancing. Can you recommend a reasonably priced Blaenavon conveyancing solicitor to deal with the transfer of equity? They need to be on the Bank of Scotland Private conveyancing panel.

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

Caveats to be read in supplemental the above Bank of Scotland Private transfer of equity Questions and Answers :

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

If your property is leasehold, the lease may require that you obtain the consent of the landlord. If such conditions are not complied with you may be in violation of the lease. This could potentially result in the freeholder taking enforcement action against you.

Indemnity Insurance

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 conveyancing solicitor 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.

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

When it comes to preparing the the Land Registry documents your conveyancing solicitor 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 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.