Questions and answers: Clydesdale Bank transfer of equity
- What can I do where I am dissatisfied with the conveyancing solicitor who did my transfer of equity conveyancing?
- Me and my former fiance and I are searching for a responsive conveyancing solicitor to assist in a transfer of equity and refinance with Clydesdale Bank. I I am fearful of by bill escalating out of control but with so many conveyancing organisations who do transfer of equity conveyancing to choose from...who do I opt for?
- Three years ago I purchased a house without my partner's name on the title documents. My conveyancing solicitor claimed it is because she was not in the mortgage with Clydesdale Bank. Is it possible for me to put her name on the documents at HM Land Registry?
- The mortgage broker has suggested using their conveyancer for my Transfer of Equity plus remortgage with Clydesdale Bank - Is it not simpler better to just instruct them?
- My former husband are seeking to get a conveyancing solicitor lined up for a refinance with Clydesdale Bank. Transfer of Equity conveyancing is also neededI have used the different comparison based services and the results are from all over UK. Do we need to appoint a conveyancer local to us?
- My Clydesdale Bank home loan we jointly entered into with ex, he is agreeable to come off the deeds and put the house in my name alone. Clydesdale Bank will permit the transfer of equity to my individual name. Do Clydesdale Bank call my boss to confirm my salary?
- Law month I split up with my ex of 18 years. I'm now back with my parents again and she wants to remain in the property and pay me off. What percentage do I get. Is it 50% of the equity after discharging the mortgage with Clydesdale Bank? I assume proper valuations are required but I would like ensure that I'm getting what I am entitled to
Information that may be required from your conveyancing solicitor is likely to ask regarding your Clydesdale Bank Transfer of Equity
Please let us know of you wish us to prepare Declaration of Trust. If so are you willing to incur the additional fee (beyond the Transfer of Equity fee)?
Have you approached Clydesdale Bank to seek consent to the Transfer of Equity
Is the transfer of equity subject to a court order? If yes please supply a copy
Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you
Where you 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?
If you are adding a person on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.
General Advice to read in conjunction with the above Clydesdale Bank transfer of equity Advice :
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 Clydesdale Bank conveyancing panel and accountant before transferring equity.
Transfer of Equity Conveyancing for Leasehold properties
If your property is leasehold, provisions in the lease may require that you have a license to do so from the freeholder. If such restrictions are not strictly observed 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 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 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 market value of the property at finalisation of the transfer of equity transaction.
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 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 conveyancing solicitor 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.
