I jointly own a flat in Rye , with a Clydesdale Bank mortgage with my ex partner. He and his fiance are going to buy me out. We had the go ahead from Clydesdale Bank to replace my name with hers. The transfer of equity needs to be completed by a conveyancing solicitor for Clydesdale Bank (supposedly). Can we deal with the Land Registry formalities?
Will I incur any charges for a Transfer of Equity where the current mortgage is with Clydesdale Bank?
Can I transfer the equity held in my property with my Clydesdale Bank mortgage?
I am in the process of removing a name from a joint mortgage and the Clydesdale Bank require me to use a conveyancer to carry out the legalities. Can you recommend a reasonably priced Ampthill lawyer to deal with the transfer of equity? They need to be on the Clydesdale Bank conveyancing panel.
I am disposing of my share of a apartment in Hendon to my co-owners fiance, they are sticking with Clydesdale Bank as the the existing lender. We are debating as to who should cover the fees for the transfer of equity. Should this be split or is one party liable for the charges for?
I intend to refinance my apartment in Friern Barnet moving from Skipton to Clydesdale Bank. The maisonette is currently in joint names but wish for it to be in my name only as and when I switch. My former partner is OK with this and is happy to sign a form but neither of us want to incur conveyancing solicitor fees.
Please confirm if you are providing any payment for the Transfer of Equity and to whom and disclose the amount?
Please provide the name(s) and addresse(s) of those who jointly own the property with you?
Is it the case that one of the registered proprietors passed away? If so please supply us with a copy of all the relevant documents e.g. the will, death certificate etc..
Where you are adding a person on to the property how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.
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.
Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you have a license to do so from the landlord. If such terms are not adhered to you may be in breach of your covenants under the lease. This could potentially result in 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 cases, 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 the time of completion 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.