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Yorkshire Building Society

Common questions relating to Yorkshire Building Society transfer of equity

  • Yorkshire Building Society yesterday agreed I can take over the mortgage on the flat. I have applied for a transfer of equity but presumably there is a transfer of ownership at HMLR on top?
  • Been reviewing online forums that solicitors are more expensive than conveyancers when it comes to transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor where I am transferring equity and simultaneously remortgaging with Yorkshire Building Society
  • I am am in need of a conveyancing solicitor to undertake my transfer of equity. Yorkshire Building Society have been approached for a refinancing. I thought of asking my financial adviser. I understand he may receive a kickback for suggesting a firm, but also of benefit will be that he knows the conveyancer, has dealt with them before. Any flaws you see in this way of thinking?
  • How do I go about adding or removing names (transfer of equity) to or from my Yorkshire Building Society mortgage account?
  • Can I transfer the equity held in my property with my Yorkshire Building Society home loan?
  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with Yorkshire Building Society?
  • My mother died last March leaving a mortgage-free property to me and my half brother in equal shared. He has always lived in the house, there was a provision in her will saying the housecould not be sold for 24 months following her death so he could reside there for a while. He now wishes to remain in the house 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 traditional way to acquire my equity?

Questions that your lawyer could ask in relation to your Yorkshire Building Society Transfer of Equity

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

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

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

Please confirm where you are making any payment for the Transfer of Equity and to whom and specify any such sums?

Please provide the name(s) and addresse(s) of anyone to be extracted from the property title?

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

Information to consider in supporting the above Yorkshire Building Society transfer of equity information :

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 require that you have a license to do so from 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.

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 valuation of the property at the conclusion 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 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 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