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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 example support desk enquires

  • As things stand I have a joint Yorkshire Bank mortgage with my cousin and am investigating the possibility of him taking on the whole mortgage and subtracting myself from it, to enable me to purchase a place with my soon-to-be-wife. The outstanding mortgage is in the region 175k, and the property value is approx 500k. Is this a transfer of equity? Is land tax payable?
  • I am completing a Yorkshire Bank transfer of equity application and have come to the questions concerning defaults etc. I do some debts that I have been discharging for a number of years, I understand that they have long since disappeared from my credit score. Am I obliged to disclose these?
  • Do I need legal representation when doing a transfer of equity where the home loan is to remain with Yorkshire Bank?
  • How and when do I incur the Stamp Duty Land Tax due for the transfer of equity in my property in my sole name which is taking place simultaneously with a refinancing with Yorkshire Bank?
  • I am planning on removing a name from a joint mortgage and the Yorkshire Bank require me to use a lawyer to carry out the legalities. Can you recommend a reasonably priced Rye lawyer to deal with the transfer of equity? They need to be on the Yorkshire Bank conveyancing panel.
  • I understand we would need at least AP1 and TR1. Is this true?
  • I acquired a property with my brother six years ago Since then, we have both got married. We are now looking to do a transfer of equity so my name is removed the Yorkshire Bank mortgage. There is a significant difference between the value the Yorkshire Bank hold and what the property would sell for currently. Can you offer any advice?

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

Please provide the name(s) and addresse(s) of anyone who jointly owns the property with you?

Has consent been obtained from Yorkshire Bank to the proposed 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?

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

We need you to provide the National Insurance Number(s) of all the new owners (required for completion of the SDLT Form)

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

General Advice to read in in addition to the above Yorkshire Bank transfer of equity Advice :

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 premises

If your property is leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such conditions 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 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 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 valuation of the property at finalisation of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with Yorkshire Bank your property may be repossessed.

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 conveyancing solicitor 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 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