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Yorkshire Building Society

Common questions relating to Yorkshire Building Society transfer of equity

  • I am hoping to remortgage my apartment in Littleborough switching from Virgin Money to Yorkshire Building Society. The maisonette is jointly owned but wish for it to be in my sole name when I switch. My wife is OK with this and is happy to transfer equity but neither of us want to get a second lawyer involved.
  • Me and my partner co-own a property in Witham . Mortgage is with Yorkshire Building Society. I would like to transfer full ownership to him with no exchange of money but without using a conveyancer. Is this likely to be simple?
  • What should I be budgeting for when it comes to what legal charges are for a transfer of equity? I need to transfer equity and remortgage - moving over to Yorkshire Building Society - and have been quoted £350 including VAT by Yorkshire Building Society's appointed conveyancer, Is this is a good price or not?
  • My dad died half a year ago leaving a unencumbered property to me and my step brother in equal shared. Having continues to reside at the property, there was a condition in her will specifying that the premisescould not be sold for three years after her death so he could remain there for a specified time frame. He now wishes to remain in the property beyond the specified period. We have discussed a transfer of equity. Would I be right in thinking that we should get a valuation then he'd get a mortgage in the usual way to acquire my half from me?
  • Do I need legal representation when doing a transfer of equity where the mortgage is to remain with Yorkshire Building Society?
  • I co-own a flat in Heathfield , with a Yorkshire Building Society loan with my former husband. Him and his new partner are going to buy me out. We had consent from Yorkshire Building Society to substitute my name with hers. The transfer of equity has to be done by a lawyer for Yorkshire Building Society (supposedly). Is it possible for us to do the Land Registry change?
  • I purchased a house with my brother in 2008 Since purchasing the property, we have both got married. We are now looking to do a transfer of equity so my name is taken off the Yorkshire Building Society mortgage. There is a meaningful difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?

Examples of information requested in a conveyancer form concerning a Yorkshire Building Society Transfer of Equity

Is the transfer of equity subject to a court order? If yes please supply a copy

Who will be responsible for the costs of the Transfer of Equity?

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

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?

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

Is there to be any consideration monies passing between the parties for the Transfer of Equity? If so, please state the amount and who is to receive the same

General Advice to read in supplemental 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 properties

If your property is leasehold, provisions in the lease may require that you have a license to do so from the freeholder. If such terms are not adhered to you may be in breach 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 as a result of 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 varies based on the valuation 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 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 conveyancing solicitor 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