Examples of recent questions relating to Clydesdale Bank transfer of equity

• My mortgage broker has suggested using their conveyancer for my Transfer of Equity plus remortgage with Clydesdale Bank - Is it not simpler advisable to just instruct them?
• Clydesdale Bank have today agreed I can take over the mortgage on my home. I have applied for a transfer of equity but presumably there is a transfer of ownership of the house in addition?
• Taking into account that we have been a number of years separated I have made the decision to give up my interest in our former home to my husband who is re-mortgaging with Clydesdale Bank. Can a transfer of equity be completed within 28 days?
• My ex-wife and I are are seeking to find an affordable conveyancing solicitor to help me sell in a transfer of equity and remortgage with Clydesdale Bank. I I am fearful of by bill escalating out of control and there's plenty conveyancing firms who do transfer of equity conveyancing out there...how do I know which one is best select?
• Three years ago I purchased a apartment without my partner's name on the title documents. My lawyer claimed it is due to the fact that she is not in the mortgage with Clydesdale Bank. Is it possible for me to add her name on the title?
• I bought a flat with my cousin six years ago Since then, we have both got married. We are now looking to do a transfer of equity so my name comes off the Clydesdale Bank mortgage. There is a significant difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
• My existing mortgage is with Clydesdale Bank. Can I transfer equity to someone who is not yet eighteen years old?

Information that may be required from your lawyer is likely to ask regarding your Clydesdale Bank Transfer of Equity

Information to consider in conjunction with the above Clydesdale Bank transfer of equity Questions and Answers :

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

If your property is leasehold, the lease may require that you have a license to do so from the freeholder. If such conditions are not complied with 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 pursuant to 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 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 is dependent on the valuation of the property at the time of completion of the transfer of equity transaction.

Preparing the Transfer of Equity with a Clydesdale Bank 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 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.

Content 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.