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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.

Questions and answers: Barnsley Building Society transfer of equity

  • I got my Decree Absolute two years ago. Foolishly I never got around to transfer ownership from both our names to just in my name. I now plan to deal with it and there are no objections. Transfer-of-equity is needed. Barnsley Building Society is happy to transfer the full equity in my name (financial checks done). Does she need a solicitor?
  • Law month I separated from my wife of 18 years. I'm now back with my mum and dad and she wishes to remain in the flat and buy me out. What percentage do I get. Is it 50% of the equity after redeeming the mortgage with Barnsley Building Society? I assume proper valuations are required but I would like ensure that I'm getting what I am entitled to
  • I am am in need of a conveyancer to deal with my transfer of equity. Barnsley Building Society have been approached for a refinancing. I considered asking my financial adviser. I understand he will likely get a referral fee for suggesting someone, but also of benefit will be that he knows the lawyer, has a working relationship with them. Is my logic flawed?
  • Can I apply to borrow a further advance from Barnsley Building Society as part of a Transfer of Equity?
  • What legal advice do I need when doing a transfer of equity where the home loan is to remain with Barnsley Building Society?
  • Three years ago I bought a apartment without my partner's name on the deeds. My conveyancing solicitor said it is because she is not in the loan offer with Barnsley Building Society. I'm wondering is there any way that I can put her name on the title?
  • Taking into account that we have been 3 years estranged I have opted to give up my interest in the house to my husband who is refinancing with Barnsley Building Society. Could this transfer of equity be done inside 28 days?

Information that may be required from your conveyancer may ask about your Barnsley Building Society Transfer of Equity

Please provide the name(s) and addresse(s) of anyone to be added to the property title?

Is it the case that one of the registered proprietors passed away? If so please forward us with a copy of the Death Certificate, Probate and a copy of the Will.

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 completion of the Transfer of Equity?

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

Please provide a copy of your National Insurance Number?

General Advice to read in supplemental the above Barnsley Building Society transfer of equity information :

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

If your property is 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 conditions are not complied with 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 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 conveyancer 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 conclusion of the transfer of equity conveyancing.
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 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 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 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