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Bank of Scotland Private

Bank of Scotland Private transfer of equity example support desk enquires

  • Me and a friend got a joint mortgage with Bank of Scotland Private on a apartment a couple of years ago. I am now looking to get a flat by myself and my friend would like to buy me out. Once we have agreed an amount where do we go? Is there likely to be any concerns with Bank of Scotland Private with him being on the hook for the total loan rather than only part of it?
  • I co-own a apartment in Miles Platting , with a Bank of Scotland Private loan with my ex partner. Him and his fiance are going to acquire my share. We had approval from Bank of Scotland Private to replace my name with hers. The transfer of equity needs to be done by a lawyer for Bank of Scotland Private (apparently). In order to save fees can I do the Land Registry formalities?
  • My ex are planning to get a lawyer in place for a refinance with Bank of Scotland Private. Transfer of Equity conveyancing is also necessaryI have used the different comparison based tools and the results are from all over England and Wales. Is it important to appoint a conveyancing solicitor local to us?
  • How and when do I pay stamp duty payable for the transfer of equity in my house in my name alone which is happening at the same time as a remortgage with Bank of Scotland Private?
  • My current home loan is with Bank of Scotland Private. Can I transfer equity to someone under 18 years old?
  • I already have a home loan with Bank of Scotland Private and am maintaining my existing mortgaging but wish to have have the equity transferred to my name only so my ex will no longer be on the deeds. How long do Bank of Scotland Private take to deal with the application?
  • Is it possible to apply to request more money from Bank of Scotland Private as part of a Transfer of Equity?

Questions that your conveyancer could ask in relation to your Bank of Scotland Private Transfer of Equity

Please give the details of anyone to be removed from the property title?

If 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?

Who will be responsible for the costs of the Transfer of Equity?

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

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?

We need you to supply the National Insurance Number(s) of all the new owners (required for completion of the SDLT Form)

General Advice to read in further to the above Bank of Scotland Private transfer of equity Advice :

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, provisions in the lease may require that you have a license to do so from the freeholder. If such terms are not adhered to you may be in violation 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 pursuant to 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 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 transaction.
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 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 lawyer 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