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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.

Yorkshire Bank transfer of equity: q and a’s

  • I bought a flat with my cousin five.seven years ago Since then, we have both got married. We are now looking 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 mortgage company say and what the property would sell for currently. Can you offer any advice?
  • I am thinking of remortgaging my house in Blaenavon does my lawyer have to be on the Yorkshire Bank Conveyancing panel. The conveyancing also involves a transfer of equity.
  • Two years ago I purchased a apartment without my wife's name on the title documents. My lawyer claimed it is due to the fact that she is not in the loan offer with Yorkshire Bank. I'm wondering is there any way that I can add her name on the documents at HMLR?
  • Been reviewing consumer blogs that solicitors are more expensive than licensed conveyancers when it comes to transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor where I need to be transferring equity and simultaneously switching mortgage with Yorkshire Bank
  • Will I have to pay any fees for a Transfer of Equity where the existing home loan is with Yorkshire Bank?
  • The mortgage broker has suggested using their conveyancing solicitor for my Transfer of Equity plus remortgage with Yorkshire Bank - Surely it’s advisable to just use them?
  • At what stage do I pay stamp duty chargeable for the transfer of equity in my home in my name alone which is happening at the same time as a remortgage via Yorkshire Bank?

Information that may be required from your conveyancer may ask regarding your Yorkshire Bank Transfer of Equity

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?

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

Please give the details of anyone to be removed from the property title?

Please provide the details of those who jointly own the premises with you?

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

Would you like us to prepare Declaration of Trust. If so are you willing to incur the additional fee (beyond the Transfer of Equity fee)?

Caveats to be read 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 premises

Should the tenure of your property be leasehold, provisions in the lease may require that you have a license to do so from the landlord. If such restrictions are not strictly observed you may be in violation of your covenants under 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 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 market value 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 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.


Frequently asked questions relating to Yorkshire Bank transfer of equity