Clydesdale Bank transfer of equity example support desk enquires
- I own a property in Heathfield
, with a Clydesdale Bank mortgage with my former partner. Him and his fiance are going to buy me out. We had the go ahead from Clydesdale Bank to remove my name with hers. The transfer of equity has to be completed by a lawyer for Clydesdale Bank (supposedly). In order to save fees can I deal with the Land Registry change?
- I recently purchased a flat without my partner's name on the ownership paperwork. My conveyancer claimed it is due to the fact that she was not in the loan offer with Clydesdale Bank. I'm wondering is there any way that I can add her name on the deeds?
- Can I transfer the equity held in my property with my Clydesdale Bank home loan?
- I purchased a property with my brother in 2009 Since purchasing the property, we have both got married. We are now intending to do a transfer of equity so my name is taken off the Clydesdale Bank mortgage. There is a 30k difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
- My dad passed away half a year ago leaving a loan-free property to me and my brother in equal shared. Having continues to reside at the property, there was a provision in her will saying the premisescould not be sold for 24 months following her passing so he could continue to live there for a while. He now says he would like to remain in the house beyond the specified period. We have discussed a transfer of equity. Am I right in saying we'd get a valuation then he'd get a mortgage in the conventional way to buy my equity?
- I am hoping to refinance my apartment in Ampthill moving from Chelsea BS to Clydesdale Bank. The home is currently in joint names but propose for it to be in my sole name when I remortgage. My wife has verbally consented to this and is willing to sign a form but neither of us want to incur lawyer fees.
- I got my Decree Absolute two years ago. I simply never got around to transfer ownership from both our names to just in my name. I am ready to do that and so is she. Transfer-of-equity is presumably the way forward. Clydesdale Bank is happy to transfer the full equity in my name (financial checks done). Does she need any legal representation?
Examples of questions in a conveyancing solicitor questionnaire relating to Clydesdale Bank Transfer of Equity
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?
Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?
Please list all persons who occupy the property, their respective ages and relationships to you.
Has one of the registered proprietors passed away? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..
Please let us know if you are making any payment for the Transfer of Equity and to whom and give details of any such sums?
Please give the name(s) and addresse(s) of anyone to be added to the property title?
Caveats to be read in further to 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
Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you have a license to do so from the landlord. If such restrictions are not strictly observed you may be in breach of your covenants under 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 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 is dependent on the valuation of the property at finalisation 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 lawyer 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 lawyer 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 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.
