Examples of recent questions relating to Yorkshire Bank transfer of equity
- How much the typical conveyancing fees are for a transfer of equity? I'm in the process of remortgaging - moving over to Yorkshire Bank - and have been quoted Four Hundred pounds plus VAT by Yorkshire Bank's appointed lawyer, Is this is a good price or not?
- My decree absolute has gone through as is the consent order. Now I have to sort out the transfer of equity for the property and the Yorkshire Bank mortgage. I have asked Yorkshire Bank for the transfer of equity forms. What happens next?
- I plan to refinance my home in Witham
moving from Barnsley BS to Yorkshire Bank. The maisonette is currently in joint names but propose for it to be in my name only as and when I transfer. My husband is OK with this and is willing to sign a form but neither of us want to incur conveyancing solicitor fees.
- I got my Decree Absolute in 2012. Foolishly I never got around to transfer ownership from both our names to my name alone. I now plan to deal with it and there are no objections. Transfer-of-equity is presumably the way forward. Yorkshire Bank is willing to transfer the property and loan in my name (financial checks done). Does she need a conveyancer?
- I am selling my share of a property in Warwick to my co-owners fiance, they are sticking with Yorkshire Bank being the the existing lender. We are debating as to who should cover the legal bill for the transfer of equity. Is this usually shared or is one party liable for the charges for?
- Will I have to pay any fees for a Transfer of Equity where the current mortgage is with Yorkshire Bank?
- What is the process for having a person removed from the title documents to a property where the home loan is with Yorkshire Bank
Information that may be required from your lawyer is likely to ask regarding your Yorkshire Bank Transfer of Equity
Has consent been obtained from Yorkshire Bank to the proposed transfer of equity?
Who will be responsible for the costs of the Transfer of Equity?
Please list all persons who occupy the property, their respective ages and relationships to you.
Please provide the details of anyone who jointly owns the property with you?
Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?
We need you to provide the National Insurance Number(s) of all the new owners (required for completion of the SDLT Form)
General Advice to read in supporting the above Yorkshire Bank transfer of equity Questions and Answers :
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, the lease may require that you have a license to do so from the landlord. If such terms are not adhered to you may be in breach of the lease. This could trigger the freeholder taking enforcement action against you.
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 market value of the property at finalisation 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 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 conveyancer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.
Content 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.