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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.

Recently asked questions relating to Barnsley Building Society transfer of equity

  • I am filling out a Barnsley Building Society transfer of equity request and have arrived at the questions concerning debts etc. I do some debts that I have been paying off since 2007, I understand that they have long since disappeared from my credit rating. Am I obliged to set these out?
  • I currently have a joint Barnsley Building Society mortgage with my cousin and am looking into the possibility of him taking on the outstanding mortgage and extracting myself from it, so as to enable me to buy a place with my soon-to-be-wife. The remaining mortgage is in the region 175k, and the property value is in the region 600k. Is this a transfer of equity? Is land tax due?
  • At what stage do I cover the costs of stamp duty due for the transfer of equity in my property in my name alone which is happening simultaneously with a switching mortgage with Barnsley Building Society?
  • What if my application doesn't meet Barnsley Building Society lending criteria for a transfer of equity?
  • I am disposing of my share of a flat in Woodside to the other co-owners husband, they are reapplying to Barnsley Building Society. We are haggling as to who must pay the costs of the transfer of equity. Is this normally split or is one of us obliged to cover the legal bill?
  • My current home loan is with Barnsley Building Society. Can I transfer equity to someone under eighteen years old?
  • What are my options where I am not happy with the conveyancer who carried out our transfer of equity transaction?

Information that may be required from your lawyer could ask regarding your Barnsley Building Society Transfer of Equity

Please provide a copy of your National Insurance Number?

Is there to be any payment between the parties for the Transfer of Equity? If so, please state the amount and who is to receive the same

Please give the details of anyone to be removed from the property title?

Would you like us to draft you Declaration of Trust. If so are you willing to pay for the additional fee (beyond the Transfer of Equity fee)?

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

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

General Advice to read in conjunction with the above Barnsley Building Society transfer of equity Info :

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 Barnsley Building Society 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 require 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.

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 lawyer 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 varies based on the market value of the property at the time of completion of the transfer of equity transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with Barnsley Building Society.

Preparing the Transfer of Equity with a Barnsley Building Society 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 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 lawyer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Information provided 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.


Frequently asked questions relating to Barnsley Building Society transfer of equity