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Are you in need of a Transfer of Equity with a Yorkshire Bank Home Loans Ltd mortgage? Failing to check that a lawyer is on the Yorkshire Bank Home Loans Ltd 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: Yorkshire Bank transfer of equity

  • I am completing a Yorkshire Bank transfer of equity application and have arrived at the part regarding debts etc. There are some debts that I have been reducing for a number of years, in fact they have long since disappeared from my credit records. Am I obliged to reveal these?
  • I bought a property with my cousin six years ago Since then, we have both got married. We are now seeking to do a transfer of equity so my name is taken off the Yorkshire Bank mortgage. There is a 40k difference between the value the lender say and what the property would sell for currently. Can you offer any advice?
  • What legal advice do I need when doing a transfer of equity where the home loan is to remain with Yorkshire Bank?
  • What is the process for adding or removing names (transfer of equity) to or from my Yorkshire Bank mortgage account?
  • My partner and I co-own a flat in Winchelsea . Home loan is with Yorkshire Bank. I would like to transfer full ownership to him with no payment of money but without using a lawyer. Is this likely to be simple?
  • What if my application doesn't meet Yorkshire Bank lending criteria for a transfer of equity?
  • My existing home loan is with Yorkshire Bank. Can I transfer equity to someone less than eighteen years old?

Questions that your conveyancing solicitor is likely to ask about your Yorkshire Bank Transfer of Equity

Please let us know of you wish us to prepare Declaration of Trust. If so are you happy to pay for the additional fee (beyond the Transfer of Equity fee)?

Where you are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Can you provide the name(s) and addresse(s) of anyone who jointly owns the premises with you?

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

Please provide the details of anyone to be extracted from the title deeds?

If you are adding a person on to the property how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

Important warnings to consider in supplemental 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 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 terms are not adhered to you may be in violation of 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 lawyer 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 time of completion of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Yorkshire Bank.

Preparing the Transfer of Equity with a Yorkshire Bank 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 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 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 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 Yorkshire Bank transfer of equity