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Are you in need of a Transfer of Equity with a Scottish Building Society mortgage? Failing to check that a lawyer is on the Scottish Building Society list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Sample questions relating to Scottish Building Society transfer of equity

  • After 4 years separated I have made the decision to transfer my interest in our flat to my husband who is re-mortgaging with Scottish Building Society. Could this transfer of equity be completed inside four weeks?
  • I am led to believe we would need at least AP1 and Transfer Deed. Is this true?
  • Been looking at online forums that solicitors are more expensive than licensed conveyancers for transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor if I need to be transferring equity and at the same time switching mortgage with Scottish Building Society
  • Can you tell me how to have a person removed from the deeds to a house where the home loan is with Scottish Building Society
  • I am thinking of mortgaging my home in Sedgefield does my lawyer need to be on the Scottish Building Society Solicitor panel. The conveyancing also involves a transfer of equity.
  • My wife and I equally own a investment property. I am a higher rate tax payer. Preferably I would like to do a transfer of equity to her sole name in order mitigate tax on rental income. If Scottish Building Society are content with this the legal fees are not prohibitive. What are the implications when we dispose of the property? Would my GGT relief be lost.
  • Will I have to pay any fees for a Transfer of Equity where the current home loan is with Scottish Building Society?

Examples of questions in a lawyer questionnaire relating to Scottish Building Society Transfer of Equity

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

Is it the case that one of the registered proprietors died? If so please supply us with a copy of the Death Certificate, Probate and a copy of the Will.

Please provide a copy of your National Insurance Number?

Please provide the name(s) and addresse(s) of anyone to be removed from the title deeds?

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

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

General Advice to read in further to the above Scottish Building Society 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 Scottish Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

If your property is leasehold, 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 complied with you may be in violation of the lease. This could trigger 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 conveyancer will check with Scottish Building Society 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 Scottish Building Society 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 the conclusion of the transfer of equity transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with Scottish Building Society.

Preparing the Transfer of Equity with a Scottish Building Society 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 Scottish Building Society 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 Scottish Building Society transfer of equity