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Clydesdale Bank

Recently asked questions relating to Clydesdale Bank transfer of equity

  • Will I incur any fees for a Transfer of Equity where the current mortgage is with Clydesdale Bank?
  • I already have a mortgage with Clydesdale Bank and am retaining my current mortgaging but seeking to have have the equity transferred to my sole name so my former partner won't be on it any longer. How long can it take for the application to be processed?
  • I purchased a flat with a friend in 2009 Since then, we have both got married. We are now seeking to do a transfer of equity so my name comes off the Clydesdale Bank mortgage. There is a 30k difference between the value the lender say and what the property would sell for currently. Can you offer any advice?
  • I currently have a joint Clydesdale Bank mortgage with my step-brother and am investigating the feasibility of him assuming responsibility for the whole mortgage and removing myself from it, to enable me to purchase somewhere with my fiance. The remaining mortgage is in the region 250k, and the property value is in the region 450k. Is this a transfer of equity? Is land tax payable?
  • Is there such a thing a transfer of equity stamp duty calculator?
  • Me and my former fiance and I are in the market for an affordable conveyancing lawyer to assist in a transfer of equity and remortgage with Clydesdale Bank. I I am concerned about by bill escalating out of control but with plenty conveyancing solicitors who do transfer of equity conveyancing out there...who do I opt for?
  • Can you tell me how to have someone removed from the title documents to a property where the mortgage is with Clydesdale Bank

Examples of questions in a conveyancer form relating to Clydesdale Bank Transfer of Equity

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

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?

Please provide a copy of your National Insurance Number?

Would you like us to prepare Declaration of Trust. If so are you happy to incur the additional fee (beyond the Transfer of Equity fee)?

Where you are adding someone on to the property how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

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?

Information to consider in further to the above Clydesdale Bank transfer of equity Info :

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 Clydesdale Bank conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of 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 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 Clydesdale Bank 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 Clydesdale Bank 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 market value of the property at the time of completion of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with Clydesdale Bank your property may be repossessed.

Preparing the Transfer of Equity with a Clydesdale Bank 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 Clydesdale Bank 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 provided on 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.


Frequently asked questions relating to Clydesdale Bank transfer of equity