Yorkshire Bank transfer of equity example support desk enquires

• Yorkshire Bank have just agreed I can take over the mortgage on my home. I previously applied for a transfer of equity but presumably there is a transfer of ownership at the Land Registry on top?
• Is stamp duty payable when it comes to an transfer of equity with a mortgage with Yorkshire Bank?
• Our mortgage broker has recommended their conveyancer for the Transfer of Equity plus remortgage with Yorkshire Bank - Is it not simpler better to just use them?
• Taking into account that we have been three years apart I have made the decision to transfer my share of the house to my husband who is refinancing with Yorkshire Bank. Could this transfer of equity be completed within 28 days?
• I am answering a Yorkshire Bank transfer of equity request and have arrived at the part concerning defaults etc. I do some debts that I have been paying off over a long period, in fact they have long since disappeared from my credit rating. Must I disclose these?
• Can you tell me how to have someone removed from the deeds to a property where the home loan is with Yorkshire Bank
• I already have a mortgage with Yorkshire Bank and am retaining my existing mortgaging but seeking to have have the equity transferred to my name alone so my former partner will be removed from the mortgage. How long do Yorkshire Bank take to deal with the application?

Sample of questions in a conveyancing solicitor form relating to Yorkshire Bank Transfer of Equity

General Advice to read in in addition to the above Yorkshire Bank transfer of equity Advice :

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 Yorkshire Bank conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

If your property is leasehold, the lease may require that you have a license to do so from the freeholder. If such terms are not adhered to you may be in violation of 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 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 Yorkshire 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 Yorkshire 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 valuation of the property at the conclusion of the transfer of equity transaction.

Preparing the Transfer of Equity with a Yorkshire Bank 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 Yorkshire Bank 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.

Content 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.