Sample questions relating to Scottish Building Society transfer of equity

• Have recently split up with my ex of twenty years. I'm now back with my mum and dad and she wishes to remain in the apartment and buy me out. What portion am I entitled to. Is it half of the equity after discharging the Scottish Building Society home loan? I assume proper valuations are necessary but I really need ensure that I'm getting I am not being walked over
• Me and a friend got a joint mortgage with Scottish Building Society on a apartment about a year ago. I am now thinking of buying a property by myself and my friend would like to buy me out. Once we have agreed a price where do we go? Is there likely to be any problem with Scottish Building Society with him being responsible for the total mortgage rather than only part of it?
• Having been a number of years separated I have decided to give up my interest in our former home to my husband who is re-mortgaging with Scottish Building Society. Could this transfer of equity be done in one month?
• My financial adviser has suggested using their lawyer for my Transfer of Equity plus remortgage with Scottish Building Society - Surely it’s easier to just instruct them?
• When it comes to transfer of equity conveyancing involving a remortgage with Scottish Building Society 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 got my Decree Absolute two years ago. Foolishly I never got around to change the ownership from the current 'joint' status to my name alone. I now plan to deal with it and there are no objections. Transfer-of-equity is needed. Scottish Building Society is content to transfer the property and loan in my name (financial checks done). Does my ex need a lawyer?
• What are my options where I am unhappy with the lawyer who carried out our transfer of equity conveyancing?

Questions that your conveyancing solicitor is likely to ask about your Scottish Building Society Transfer of Equity

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

Transfer of Equity Conveyancing for Leasehold premises

If your property is 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 complied with you may be in breach of 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 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 finalisation of the transfer of equity transaction.

Preparing the Transfer of Equity with a Scottish Building Society 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 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.

Content 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.