Yorkshire Bank transfer of equity example support desk enquires

• Can you tell me how to have a person removed off the deeds to a property if the home loan is with Yorkshire Bank
• My current home loan is with Yorkshire Bank. Can I transfer equity to someone who is not yet 18 years old?
• I plan to refinance my home in Witham changing from HSBC to Yorkshire Bank. The maisonette is currently in joint names but wish for it to be in my sole name as and when I transfer. My former partner is OK with this and is happy to sign a form but neither of us want to get a second lawyer involved.
• Have recently separated from my ex of thirty years. I'm now living with my mum and dad and she wishes to remain in the property and pay me off. What percentage do I get. Is it 50% of the equity after redeeming the Yorkshire Bank home loan? I assume proper valuations are required but I would like ensure that I'm getting the best deal
• My Yorkshire Bank home loan is in joint names with ex, who has agreed to come off the mortgage and let me have the property. Yorkshire Bank have consented to the transfer of equity to me solely. Do Yorkshire Bank get in touch with my boss to check my salary?
• Do I need legal representation when doing a transfer of equity where the home loan is to remain with Yorkshire Bank?
• Is there such a thing a transfer of equity stamp duty calculator?

Information that may be required from your conveyancer may ask about your Yorkshire Bank Transfer of Equity

Important warnings to consider in in addition to the above Yorkshire Bank 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 Bank 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 obtain the consent of the landlord. If such conditions are not strictly observed 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 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 Bank 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 Bank 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 time of completion of the transfer of equity conveyancing.

Preparing the Transfer of Equity with a Yorkshire Bank 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 Bank 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 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.