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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.

Frequently asked questions relating to Barnsley Building Society transfer of equity

  • I intend to refinance my home in Dunnington changing from Godiva Mortgages to Barnsley Building Society. The apartment is currently in joint names but wish for it to be in my name only when I transfer. My former partner has agreed to this and is happy to transfer equity but neither of us want to incur conveyancer charges.
  • I am in the process of removing a name from a joint mortgage and the Barnsley Building Society require me to use a conveyancing solicitor to carry out the legalities. Can you recommend a reasonably priced Timperley lawyer to deal with the transfer of equity? They need to be on the Barnsley Building Society conveyancing panel.
  • My mortgage broker has suggested using their conveyancing solicitor for our Transfer of Equity plus remortgage with Barnsley Building Society - won’t it be advisable to just instruct them?
  • Law week I split up with my partner of 18 years. I'm now back with my parents again and she wants to remain in the apartment and pay me off. What percentage am I entitled to. Is it half of the equity after paying off the Barnsley Building Society home loan? I assume proper valuations are required but I would like ensure that I'm getting the best deal
  • My fiance and I jointly own a investment property. I am a top rate tax payer. Ideally I would like to do a transfer of equity to her sole name to mitigate tax on the letting income. Assuming Barnsley Building Society are content with this the legal fees are inexpensive. What are the implications when we sell? As I would no longer be on the title documents am I giving up my CGT relief.
  • I got divorced two years ago. Foolishly I never dealt with the change the ownership from both our names to just in my name. I am ready to do that and so is she. Transfer-of-equity is presumably the way forward. Barnsley Building Society is willing to transfer the full equity in my name (affordability checks done). Does she need a lawyer?
  • Me and my former partner and I are searching for an affordable conveyancing solicitor to help me sell in a transfer of equity and remortgage with Barnsley Building Society. I I am concerned about appointing the wrong one but with plenty conveyancing organisations who do transfer of equity conveyancing out there...who do I opt for?

Sample of information requested in a lawyer questionnaire relating to Barnsley Building Society Transfer of Equity

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

Please list all persons who occupy the property, their respective ages and relationships to you.

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

Has one of the registered proprietors died? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..

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

Please let us know of you wish us to draw up a Declaration of Trust. If so are you willing to incur the additional fee (beyond the Transfer of Equity fee)?

Caveats to be read in in addition to the above Barnsley Building Society transfer of equity Questions and Answers :

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 properties

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 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 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 finalisation 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 conveyancer 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 conveyancing solicitor 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 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