Examples of recent questions relating to Yorkshire Bank transfer of equity

• I intend to remortgage my apartment in Wakefield changing from HSBC to Yorkshire Bank. The maisonette is currently in joint names but intend for it to be in my name only once I remortgage. My former partner is OK with this and is happy to transfer equity but neither of us want to get a second lawyer involved.
• Last year purchased a flat without my wife's name on the title documents. My conveyancer claimed it is due to the fact that she is not in the loan offer with Yorkshire Bank. Is it possible for me to add her name on the deeds?
• I co-own a house in Timperley , with a Yorkshire Bank loan with my former husband. Him and his new partner are going to acquire my share. We had the go ahead from Yorkshire Bank to substitute my name with hers. The transfer of equity needs to be done by a conveyancer for Yorkshire Bank (apparently). Can we deal with the Land Registry change?
• My decree absolute has gone through as is the consent order. Now I have to sort out the transfer of equity on title deeds and the Yorkshire Bank mortgage. I have called Yorkshire Bank for the transfer of equity forms. What are my next steps?
• Am I best advised cancel my mortgage payments with Yorkshire Bank once a date for my remortgage and transfer of equity has been set?
• I understand we would need at least AP1 and Transfer Deed. Is this true?
• Law month I split up with my wife of 18 years. I'm now living with my mum and dad and she wants to stay in the apartment and pay me off. What percentage am I entitled to. Is it half of the equity after discharging the mortgage with Yorkshire Bank? I assume proper valuations are necessary but I would like ensure that I'm getting I am not being walked over

Questions that your conveyancer may ask in relation to your Yorkshire Bank Transfer of Equity

Information to consider in supporting the above Yorkshire Bank transfer of equity Info :

Tax and Legal

There are numerous potential 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 require that you have a license to do so from the freeholder. If such conditions are not complied with 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 pursuant to 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 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 conveyancing.

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.

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.