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Are you in need of a Transfer of Equity with a Barnsley Building Society (Yorkshire Building Society) mortgage? Failing to check that a lawyer is on the Barnsley Building Society (Yorkshire Building Society) list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Common questions relating to Barnsley Building Society transfer of equity

  • When it comes to transfer of equity conveyancing involving refinance with Barnsley Building Society should I be charged value added tax on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • I am under the impression we would need at least AP1 and Transfer Deed. Is this true?
  • I am planning on removing a name from a joint mortgage and the Barnsley Building Society require me to use a conveyancer to carry out the paperwork. Can you recommend a reasonably priced Romsey conveyancing solicitor to deal with the transfer of equity? They need to be on the Barnsley Building Society conveyancing panel.
  • I jointly own a property in Crabtree , with a Barnsley Building Society mortgage with my former husband. Him and his fiance are going to buy me out. We had the go ahead from Barnsley Building Society to replace my name with hers. The transfer of equity needs to be done by a conveyancing solicitor for Barnsley Building Society (supposedly). Is it possible for us to deal with the Land Registry change?
  • Is it possible to apply to request a further advance from Barnsley Building Society as part of a Transfer of Equity?
  • Have recently split up with my ex of 18 years. I'm now living with my mum and dad and she wants to remain in the apartment and pay me off. What portion do I get. Is it 50% of the equity after redeeming the Barnsley Building Society home loan? I assume proper valuations are necessary but I really need to be sure that I'm getting the best deal
  • I am filling out a Barnsley Building Society transfer of equity form and have arrived at the questions that asks about debts etc. I do some debts that I have been discharging since 2009, in fact they have long since disappeared from my credit score. Do I need to disclose these?

Examples of information requested in a conveyancer questionnaire relating to Barnsley Building Society Transfer of Equity

Has consent been obtained from Barnsley Building Society to the proposed transfer of equity?

Is the transfer of equity subject to a court order? If yes please supply a copy

Would you like us to draft you Declaration of Trust. If so are you happy to incur the further fee (beyond the Transfer of Equity fee)?

Who will be responsible for the costs of the Transfer of Equity?

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been formalised?

Information to consider in supporting the above Barnsley Building Society transfer of equity Questions and Answers :

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 Barnsley Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

If your property is leasehold, 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 conveyancing solicitor will check with Barnsley Building Society 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 Barnsley Building Society 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 valuation of the property at the conclusion of the transfer of equity transaction.
If you do not keep up the payments on your mortgage with Barnsley Building Society your property may be repossessed.

Preparing the Transfer of Equity with a Barnsley Building Society Mortgage

When it comes to preparing the the Land Registry documents your lawyer should in the ‘consideration’ panel choose the first option, if consideration is given; otherwise ignore the consideration panel altogether.

If Barnsley Building Society 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.

Information contained within 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.


Frequently asked questions relating to Barnsley Building Society transfer of equity