Examples of recent questions relating to Bank of Scotland Private transfer of equity

• I got my Decree Absolute two years ago. For some reason I never got around to transfer ownership from both our names to my name alone. I am ready to do that and so is she. Transfer-of-equity is presumably the way forward. Bank of Scotland Private is content to transfer the property and loan in my name (affordability checks done). Does my ex need a lawyer?
• What if my application doesn't meet Bank of Scotland Private lending criteria for a transfer of equity?
• My mum passed away early last year leaving a unencumbered bungalow to me and my half brother 50:50. He has always lived in the premises, there was a provision in the will saying the premisescould not be sold for three years after her passing so he could continue to live there for a specified time frame. He now wants to remain in the property beyond the specified period. We have considered a transfer of equity. Am I right in saying we'd get a valuation then he'd get a mortgage in the usual way to acquire my half from me?
• What legal advice do I need when doing a transfer of equity where the mortgage is to remain with Bank of Scotland Private?
• I purchased a flat with my cousin six years ago Since then, we have both got married. We are now intending to do a transfer of equity so my name is removed the Bank of Scotland Private mortgage. There is a significant difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
• Me and my partner co-own a flat in Friern Barnet . Home loan 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. Do you think this should be straightforward?
• I am thinking of remortgaging my house in Sedgefield does my lawyer need to be on the Bank of Scotland Private Conveyancing panel. The conveyancing also involves a transfer of equity.

Questions that your conveyancer is likely to ask about your Bank of Scotland Private Transfer of Equity

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

Tax and Legal

There may be various 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 titles

If your property is leasehold, provisions in the lease may require that you have a license to do so from the landlord. If such terms are not adhered to you may be in violation of your covenants under the lease. This could trigger 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 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 is dependent on the market value of the property at the conclusion 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.

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.