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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.

Recently asked questions relating to Yorkshire Building Society transfer of equity

  • Yorkshire Building Society have today agreed I can take over the home loan on the house. I had applied for a transfer of equity but is this a transfer of ownership of the title deeds in addition?
  • I am transferring my share of a house in Woodside to my co-owners fiance, they are sticking with Yorkshire Building Society being the the existing mortgage company. We are debating as to who must pay the legal bill for the transfer of equity. Should this be split or is one party liable for the charges for?
  • My Yorkshire Building Society home loan is in joint names with ex, he has agreed to come off the deeds and let me have the property. Yorkshire Building Society will permit the transfer of equity to my individual name. Will Yorkshire Building Society write my company to check my salary?
  • My fiance and I equally own a buy to let. I am a higher rate tax payer. Preferably I would like to complete a transfer of equity to her sole name with a view to mitigate tax on rental income. Assuming Yorkshire Building Society are fine with this the legal fees are inexpensive. What are the implications when we dispose of the property? As I would no longer be on the title documents would I lose my CGT relief.
  • Me and my partner co-own a house in Wakefield . Mortgage is with Yorkshire Building Society. I want to transfer full ownership to him with no payment of money but without using a conveyancer. Is this likely to be easy to so?
  • My dad passed away last May leaving a loan-free bungalow to me and my step brother equally. Having continues to reside at the house, there was a clause in the will saying the housecould not be sold for 2 years following her death so he could remain there for a prescribed period. He now wants to remain in the property beyond the specified period. We have discussed a transfer of equity. Am I right in saying we should get a valuation then he'd get a mortgage in the usual way to buy my share?
  • Law week I separated from my partner of 18 years. I'm now back with my parents again and she wants to remain in the apartment and buy me out. What percentage am I entitled to. Is it 50% of the equity after paying off the Yorkshire Building Society home loan? I assume proper valuations are required but I would like to be confident that I'm getting what I am entitled to

Questions that your lawyer could ask about your Yorkshire Building Society Transfer of Equity

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

Have you approached Yorkshire Building Society to seek consent to the Transfer of Equity

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

Would you like us to draw up a Declaration of Trust. If so are you happy to incur the further fee (beyond the Transfer of Equity fee)?

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

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

Important warnings to consider in conjunction with the above Yorkshire Building Society transfer of equity Questions and Answers :

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 Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

If your property is leasehold, the lease may require that you have a license to do so from the landlord. If such terms are not adhered to you may be in violation 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 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 lawyer 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 valuation of the property at the conclusion of the transfer of equity conveyancing.
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 lawyer 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 lawyer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Information contained within 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 Building Society transfer of equity