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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.

Common questions relating to Yorkshire Bank transfer of equity

  • My ex are seeking to get a conveyancer in place for a new mortgage with Yorkshire Bank. Transfer of Equity conveyancing is also necessaryI have used the different rating based websites and the results are from all over England and Wales. Is it important to appoint a conveyancing solicitor local to us?
  • I got my Decree Absolute in 2011. Foolishly I never got around to change the ownership from both our names to my sole name. I now plan to deal with it and there are no objections. Transfer-of-equity is needed. Yorkshire Bank is happy to transfer the full equity in my name (affordability checks done). Does she need a solicitor?
  • After 4 years apart I have opted to give up my interest in our apartment to my husband who is refinancing with Yorkshire Bank. Could this transfer of equity be completed inside four weeks?
  • Do I need legal representation when doing a transfer of equity where the home loan is to remain with Yorkshire Bank?
  • I am transferring my share of a property in Woodside to my co-owners husband, they are reapplying to Yorkshire Bank. We are haggling as to who should cover the legal bill for the transfer of equity. Is this normally split or is one party obliged to cover the legal bill?
  • My ex-partner and I are searching for a quality conveyancing solicitor to help me sell in a transfer of equity and refinance with Yorkshire Bank. I I am concerned about by bill escalating out of control and there's plenty conveyancing practices who do transfer of equity conveyancing out there...who's the best?
  • Is it sensible to stop the direct debit for my mortgage with Yorkshire Bank once a date for my remortgage and transfer of equity has been agreed?

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

Please let us know of you wish us to draw up a Declaration of Trust. If so are you happy to incur the additional fee (beyond the Transfer of Equity fee)?

Where 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 name(s) and addresse(s) of those who jointly own the property with you?

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been formalised?

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

Please provide a copy of your National Insurance Number?

Information to consider in further to the above Yorkshire Bank transfer of equity Questions and Answers :

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

Should the tenure of your property be leasehold, 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 breach of 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 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 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 conclusion of the transfer of equity transaction.
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 conveyancer 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 conveyancer 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 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