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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.

Examples of recent questions relating to Yorkshire Bank transfer of equity

  • My divorce is through as is the consent order. Now I need to deal with the transfer of equity for the property and the Yorkshire Bank mortgage. I have called Yorkshire Bank for the transfer of equity forms. What do I do now?
  • I already have a home loan with Yorkshire Bank and am maintaining my current mortgaging but applying to have it in my sole name so my former husband will no longer be on the title. How long can it take for the forms to be processed?
  • Do I need legal representation when doing a transfer of equity where the home loan is to remain with Yorkshire Bank?
  • My current home loan is with Yorkshire Bank. Can I transfer equity to someone less than eighteen years old?
  • I am led to believe we would need at least AP1 and Transfer Deed. Is this true?
  • Can I transfer the equity held in my property with my Yorkshire Bank mortgage?
  • I am disposing of my equity in property in Hendon to my co-owners fiance, they are reapplying to Yorkshire Bank. We are debating as to who must pay the charges for the transfer of equity. Is this normally shared or is one party liable for the legal bill?

Examples of questions in a lawyer form relating to Yorkshire Bank Transfer of Equity

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

Please provide the details of anyone to be added to the property title?

Will there be any consideration monies passing between the parties for the Transfer of Equity? If so, please state the amount and who is to receive what amounts

Has consent been obtained from Yorkshire Bank to the proposed transfer of equity?

Please give the name(s) and addresse(s) of anyone to be extracted from the title deeds?

Is it the case that one of the registered owners passed away? If so please forward us with a copy of the Death Certificate, Probate and a copy of the Will.

General Advice to read in in addition to 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 properties

Should the tenure of your property be leasehold, the lease may require that you obtain the consent of the freeholder. If such terms are not adhered to 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 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 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 valuation of the property at the time of completion 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 lawyer 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