Yorkshire Bank transfer of equity example support desk enquires
- What do I do if I am not happy with the conveyancing solicitor who did our transfer of equity conveyancing?
- Yorkshire Bank have today agreed I can take over the mortgage on my home. I have applied for a transfer of equity but presumably there is a transfer of ownership of the house on top?
- Law month I separated from my wife of twenty years. I'm now back with my parents again and she wishes to remain in the property and pay me off. What portion am I entitled to. Is it half of the equity after redeeming the Yorkshire Bank home loan? I assume proper valuations are required but I really need to be sure that I'm getting the best deal
- I am hoping to remortgage my maisonette in Rye
moving from Accord to Yorkshire Bank. The apartment is currently in joint names but I would like it to be in my sole name as and when I remortgage. My husband is OK with this and is willing to transfer equity but neither of us want to incur conveyancing solicitor fees.
- I got divorced in 2012. Foolishly I never got around to change the ownership from the current 'joint' status 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 content to transfer the property and loan in my name (financial checks done). Does she need any legal representation?
- My former wife are seeking to get a conveyancer lined up 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 England and Wales. How necessary is it to appoint a conveyancing solicitor local to us?
- I am completing a Yorkshire Bank transfer of equity application and have come to the part regarding defaults etc. I do some debts that I have been clearing for a number of years, in fact they have long since disappeared from my credit records. Must I set these out?
Examples of questions in a lawyer questionnaire relating to Yorkshire Bank Transfer of Equity
Can you provide the name(s) and addresse(s) of those who jointly own the property with you?
Who will be responsible for the costs of the Transfer of Equity?
Has one of the registered proprietors passed away? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..
If are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?
Have you approached Yorkshire Bank to obtain consent to the Transfer of Equity
If you are adding a person on to the title deeds how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.
Caveats to be read in further 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 properties
If your property is leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such conditions are not strictly observed you may be in violation of the lease. This could trigger the freeholder taking enforcement action against you.
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 is dependent 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 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.