Sample questions relating to Clydesdale Bank transfer of equity

• I am hoping to remortgage my apartment in Crabtree changing from Accord to Clydesdale Bank. The apartment is jointly owned but wish for it to be in my name only once I remortgage. My husband has agreed to this and is willing to transfer equity but neither of us want to incur lawyer fees.
• My existing mortgage is with Clydesdale Bank. Can I transfer equity to someone under 18 years old?
• Me and my former wife and I are searching for an affordable conveyancing lawyer to assist in a transfer of equity and remortgage with Clydesdale Bank. I I am concerned about by bill escalating out of control and there's lots of conveyancing solicitors who do transfer of equity conveyancing out there...who's the best?
• How much the typical conveyancing charges are for a transfer of equity? I'm in the process of remortgaging - moving over to Clydesdale Bank - and have been quoted Four Hundred pounds excluding VAT by Clydesdale Bank's appointed conveyancing solicitor, Have I been over quoted?
• Is it possible to transfer the equity held in my property with my Clydesdale Bank mortgage?
• I understand we would need at least AP1 and TR1. Is this true?
• I am planning on removing a name from a joint mortgage and the Clydesdale Bank need me to use a conveyancer to carry out the conveyancing. Can you recommend a reasonably priced Wakefield conveyancer to deal with the transfer of equity? They need to be on the Clydesdale Bank conveyancing panel.

Questions that your conveyancing solicitor is likely to ask regarding your Clydesdale Bank Transfer of Equity

Caveats to be read in conjunction with 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 premises

Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such terms are not adhered to you may be in violation 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 as a result of 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 conveyancer 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 time of completion of the transfer of equity conveyancing.

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 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.