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Questions and answers: Yorkshire Bank transfer of equity

  • I already have a mortgage with Yorkshire Bank and am keeping my existing mortgaging but applying to have have the equity transferred to my name alone so my ex will come off the deeds. How long can it take for the application to be processed?
  • I am selling my equity in house in Woodside to the other co-owners fiance, they are reapplying to Yorkshire Bank. We are debating as to who should pay the costs of the transfer of equity. Is this usually split or is one party obliged to cover the charges for?
  • Will I incur any charges for a Transfer of Equity where the existing home loan is with Yorkshire Bank?
  • My former wife are looking to get a conveyancer in place for a refinance with Yorkshire Bank. Transfer of Equity conveyancing is also requiredI have used the different rating based tools and the results are from all over the country. Is it important to instruct a conveyancer local to us?
  • My divorce is through as is the consent order. Now I have to deal with the transfer of equity for the property and the Yorkshire Bank mortgage. I have contacted Yorkshire Bank for the transfer of equity forms. What do I do now?
  • Is it possible to apply to borrow more money from Yorkshire Bank as part of a Transfer of Equity?
  • I own a flat in Timperley , with a Yorkshire Bank mortgage with my ex partner. He and his new partner are going to acquire my share. We had approval from Yorkshire Bank to substitute my name with hers. The transfer of equity needs to be completed by a conveyancer for Yorkshire Bank (supposedly). Is it possible for us to do the Land Registry change?

Information that may be required from your lawyer is likely to ask about your Yorkshire Bank Transfer of Equity

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?

Where you are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Has one of the registered owners died? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..

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

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

Please clarify if you are making any payment for the Transfer of Equity and to whom and specify the amount?

Information to consider in conjunction with 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 premises

If your property is leasehold, the lease may have a requirement for notices to be served and that you have a license to do so from the freeholder. If such restrictions 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 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 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 market value of the property at finalisation 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 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.


Frequently asked questions relating to Yorkshire Bank transfer of equity