Examples of recent questions relating to Clydesdale Bank transfer of equity
- My Clydesdale Bank mortgage is in joint names with ex, who is agreeable to be removed and let me have the property. Clydesdale Bank have consented to the transfer of equity to my individual name. Do Clydesdale Bank write my boss to confirm my salary?
- Taking into account that we have been four years apart I have decided to transfer my share of the flat to my husband who is re-mortgaging with Clydesdale Bank. Could this transfer of equity be completed in less than four weeks?
- Is it sensible to cancel my mortgage payments with Clydesdale Bank as soon as a date for my remortgage and transfer of equity has been agreed?
- My ex are looking to get a conveyancer lined up for a new mortgage with Clydesdale Bank. Transfer of Equity conveyancing is also requiredI have used the different rating based websites and the results are from all over UK. Is it important to have a conveyancer local to us?
- The financial adviser has recommended their conveyancing solicitor for the Transfer of Equity plus remortgage with Clydesdale Bank - Surely it’s advisable to just instruct them?
- I am disposing of my share of a property in Hendon to my co-owners fiance, they are sticking with Clydesdale Bank as the the existing lender. We are haggling as to who should pay the charges for the transfer of equity. Should this be shared or is one party liable for the legal bill?
- My dad died half a year ago leaving a loan-free bungalow to me and my step brother in equal shared. He has always lived in the premises, there was a condition in the will saying the housecould not be sold for three years following her death so he could continue to live there for a prescribed period. He now wishes to remain in the house beyond the specified period. We have discussed a transfer of equity. Am I right in saying we should get a valuation then he'd get a home loan in the conventional way to acquire my share?
Questions that your conveyancing solicitor could ask in relation to your Clydesdale Bank Transfer of Equity
If you are adding a person on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.
Has consent been obtained from Clydesdale Bank to the proposed transfer of equity?
Who will be responsible for the costs of the Transfer of Equity?
Please list all persons who occupy the property, their respective ages and relationships to you.
If are going to hold 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 let us know of you wish us to draft you Declaration of Trust. If so are you happy to incur the further fee (beyond the Transfer of Equity fee)?
General Advice to read in further to the above Clydesdale Bank transfer of equity Info :
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
Should the tenure of your property be leasehold, provisions in the lease may require that you obtain the consent of the freeholder. If such conditions are not complied with 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 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 market value of the property at finalisation 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 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 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.