Frequently asked questions relating to Yorkshire Bank transfer of equity

• My divorce is through as is the consent order. Now I need to sort out the transfer of equity on title deeds and the Yorkshire Bank home loan. I have called Yorkshire Bank for the transfer of equity application. What are my next steps?
• Am I best advised stop the direct debit for my mortgage with Yorkshire Bank once a date for my remortgage and transfer of equity has been agreed?
• My Yorkshire Bank mortgage is in joint names with ex, who is agreeable to come off the deeds and let me have the property. Yorkshire Bank will permit the transfer of equity to my individual name. Do Yorkshire Bank contact my boss to confirm my salary?
• Law week I split up with my wife of 18 years. I'm now back with my parents again and she wishes to remain in the property and pay me off. What portion do I get. Is it half of the equity after paying off the Yorkshire Bank home loan? I assume proper valuations are necessary but I really need to be sure that I'm getting I am not being walked over
• How do I go about adding or removing names (transfer of equity) to or from my Yorkshire Bank mortgage account?
• My partner and I jointly own a house in Miles Platting . Mortgage is with Yorkshire Bank. I wish to transfer full ownership to him with no passing of money but without using a lawyer. Is this likely to be simple?
• I bought a flat with my cousin in 2008 Since buying the property, 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 significant difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?

Information that may be required from your lawyer could ask about your Yorkshire Bank Transfer of Equity

Caveats to be read in further to the above Yorkshire Bank transfer of equity Advice :

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 premises

If your property is leasehold, the lease may require that you have a license to do so from the landlord. If such conditions are not strictly observed you may be in violation 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 conveyancer 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 finalisation 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 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 contained within 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.