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Find a Law Firm for your Transfer of Equity approved by
Yorkshire Building Society

Examples of recent questions relating to Yorkshire Building Society transfer of equity

  • My existing home loan is with Yorkshire Building Society. Can I transfer equity to someone under 18 years old?
  • I am led to believe we would need at least AP1 and Transfer Deed. Is this true?
  • Do I need legal representation when doing a transfer of equity where the mortgage is to remain with Yorkshire Building Society?
  • I am in the process of removing a name from a joint mortgage and the Yorkshire Building Society need me to use a conveyancing solicitor to carry out the conveyancing. Can you recommend a reasonably priced Ampthill lawyer to deal with the transfer of equity? They need to be on the Yorkshire Building Society conveyancing panel.
  • I recently purchased a flat without my wife's name on the ownership paperwork. My conveyancing solicitor said it is due to the fact that she is not in the loan offer with Yorkshire Building Society. Is it possible for me to put her name on the title?
  • Will I incur any charges for a Transfer of Equity where the existing home loan is with Yorkshire Building Society?
  • Me and my partner jointly own a house in Witham . Home loan is with Yorkshire Building Society. I want to transfer full ownership to him with no exchange of money but without using a lawyer. Is this likely to be easy to so?

Information that may be required from your conveyancer could ask in relation to your Yorkshire Building Society Transfer of Equity

Please provide the details of those who jointly own the property with you?

Would you like us to prepare Declaration of Trust. If so are you happy to pay for the additional fee (beyond the Transfer of Equity fee)?

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

Please provide 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 supply us with a copy of all the relevant documents e.g. the will, death certificate etc..

Please provide a copy of your National Insurance Number?

General Advice to read in supporting the above Yorkshire Building Society 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 Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

If your property is leasehold, provisions in the lease may have a requirement for notices to be served and that you have a license to do so from the landlord. If such conditions are not complied with 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 conveyancer will check with Yorkshire Building Society 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 Building Society 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.
If you do not keep up the payments on your mortgage with Yorkshire Building Society your property may be repossessed.

Preparing the Transfer of Equity with a Yorkshire Building Society 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 Building Society 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.

Information provided on this webpage is for general information and only applies to England and Wales. It should not be regarded as 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 Building Society transfer of equity