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Are you in need of a Transfer of Equity with a Yorkshire Building Society mortgage? Failing to check that a lawyer is on the Yorkshire Building Society 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 Building Society transfer of equity

  • My mother passed away seven months ago leaving a mortgage-free house to me and my brother in equal shared. He has always lived in the premises, there was a clause in her will saying the housecould not be sold for 2 years after her death so he could remain there for a while. He now wishes to remain in the property beyond the prescribed period. We have considered a transfer of equity. Would I be right in thinking that we should get a valuation then he'd get a mortgage in the conventional way to purchase my half from me?
  • Is there such a thing a transfer of equity stamp duty calculator?
  • Me and a friend got a joint mortgage with Yorkshire Building Society on a house about a year ago. I am now thinking of buying a property by myself and my friend would like to buy me out. Once we have agreed a figure where do we go? Is there likely to be any problem with Yorkshire Building Society with him being on the hook for the total mortgage rather than only part of it?
  • What do I do if I am not happy with the lawyer who conducted our transfer of equity transaction?
  • Taking into account that we have been three years estranged I have made the decision to give up my interest in the house to my husband who is refinancing with Yorkshire Building Society. Could this transfer of equity be done within 28 days?
  • My partner and I co-own a property in Romsey . Mortgage is with Yorkshire Building Society. I want to transfer full ownership to him with no exchange of money but without using a conveyancing solicitor. Is this likely to be simple?
  • I am planning on removing a name from a joint mortgage and the Yorkshire Building Society require me to use a conveyancer to carry out the conveyancing. Can you recommend a reasonably priced Witham conveyancer to deal with the transfer of equity? They need to be on the Yorkshire Building Society conveyancing panel.

Sample of questions in a lawyer questionnaire concerning a Yorkshire Building Society Transfer of Equity

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

Please let us know of you wish us to draw up a Declaration of Trust. If so are you happy to pay for the further fee (beyond the Transfer of Equity fee)?

Can you give the name(s) and addresse(s) of those who jointly own the premises with you?

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?

Please provide the details of anyone to be removed from the property title?

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?

General Advice to read in further to the above Yorkshire Building Society transfer of equity Info :

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

Should the tenure of your property be leasehold, the lease may require that you obtain the consent of the landlord. If such conditions are not complied with you may be in breach of the lease. This could trigger 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 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 transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with Yorkshire Building Society.

Preparing the Transfer of Equity with a Yorkshire Building Society 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 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