Recently asked questions relating to Clydesdale Bank transfer of equity
- I am looking for a lawyer to deal with my transfer of equity. Clydesdale Bank have been approached for a remortgage. I thought of asking my financial adviser. I am lead to believe he will likely get a kickback for suggesting a firm, but also of benefit will be that he knows the conveyancing solicitor, has dealt with them before. Is my logic flawed?
- My current home loan is with Clydesdale Bank. Can I transfer equity to someone who is not yet eighteen years old?
- Last year purchased a house without my partner's name on the deeds. My lawyer claimed it is due to the fact that she is not in the mortgage with Clydesdale Bank. I'm wondering is there any way that I can put her name on the deeds?
- When it comes to transfer of equity conveyancing involving a remortgage with Clydesdale Bank should I be invoiced value added tax on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
- My Clydesdale Bank mortgage is in joint names with ex, who is agreeable to come off the deeds and put the house in my name alone. Clydesdale Bank have consented to the transfer of equity to my individual name. Will Clydesdale Bank get in touch with my company to check my salary?
- I own a flat in Friern Barnet
, with a Clydesdale Bank mortgage with my ex husband. Him and his new partner are going to acquire my share. We had the go ahead from Clydesdale Bank to substitute my name with hers. The transfer of equity has to be done by a conveyancer for Clydesdale Bank (apparently). Can we deal with the Land Registry formalities?
- Given that we have been a number of years estranged I have made the decision to relinquish up my share of our property to my husband who is re-mortgaging with Clydesdale Bank. Can a transfer of equity be completed in less than one month?
Examples of information requested in a conveyancing solicitor form 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 provide details of the amount?
We need you to supply the National Insurance Number(s) of all the new owners (required for submission of the SDLT Form)
Please give the name(s) and addresse(s) of anyone who jointly owns the premises with you?
Please give the details of anyone to be removed from the property title?
Please give the name(s) and addresse(s) of anyone to be added to the title deeds?
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?
Information to consider in supporting the above Clydesdale Bank transfer of equity Questions and Answers :
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 premises
If your property is 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 terms are not adhered to you may be in breach of the lease. This could trigger the freeholder taking enforcement action against you.
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 market value of the property at the conclusion 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.
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.