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Are you in need of a Transfer of Equity with a Clydesdale Bank plc mortgage? Failing to check that a lawyer is on the Clydesdale Bank plc 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.

Clydesdale Bank transfer of equity: q and a’s

  • My mother died half a year ago leaving a unencumbered semi to me and my step brother in equal shared. He has always lived in the premises, there was a clause in her will saying the housecould not be sold for 24 months following her death so he could reside there for a while. He now wishes to remain in the property beyond the specified period. We have considered a transfer of equity. Would I be right in thinking that we should get a valuation then he'd get a home loan in the traditional way to buy my share?
  • I already have a mortgage with Clydesdale Bank and am retaining my existing mortgaging but seeking to have have the equity transferred to my sole name so my former husband won't be on it any longer. How long can it take for the application to be processed?
  • Been looking at consumer blogs that solicitors are more expensive than conveyancers when it comes to transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor if I am transferring equity and simultaneously remortgaging with Clydesdale Bank
  • Have recently separated from my partner of twenty years. I'm now living with my mum and dad and she wishes to remain in the flat and pay me off. What portion am I entitled to. Is it half of the equity after redeeming the Clydesdale Bank home loan? I assume proper valuations are required but I would like to be sure that I'm getting what I am entitled to
  • My existing home loan is with Clydesdale Bank. Can I transfer equity to someone less than eighteen years old?
  • How and when do I pay stamp duty chargeable for the transfer of equity in my property in my sole name which is happening at the same time as a remortgage via Clydesdale Bank?
  • What can I do where I am not happy with the lawyer who did my transfer of equity transaction?

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

Is the transfer of equity subject to a court order? If yes please supply a copy

Please provide the details of anyone to be extracted from the title deeds?

Will there be any payment between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive what sums

Has one of the registered owners passed away? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..

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?

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

General Advice to read in conjunction with the above Clydesdale Bank transfer of equity information :

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 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 conditions are not strictly observed you may be in breach 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 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 conveyancing solicitor 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 valuation of the property at the conclusion of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Clydesdale Bank.

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 conveyancing solicitor should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Information contained within 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 Clydesdale Bank transfer of equity