Examples of recent questions relating to Yorkshire Bank transfer of equity

• Can you tell me how to have a person removed off the title documents to a house where the home loan is with Yorkshire Bank
• I am transferring my share of a property in Warwick to the other co-owners fiance, they are sticking with Yorkshire Bank as the the existing mortgage company. We are in heated discussion as to who must cover the fees for the transfer of equity. Should this be shared or is one party obliged to cover the legal bill?
• When it comes to transfer of equity conveyancing involving refinance with Yorkshire Bank should I be charged VAT on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
• I am under the impression we would need at least AP1 and TR1. Is this true?
• I co-own a flat in Rye , with a Yorkshire Bank loan with my former husband. He and his new partner are going to acquire my share. We had approval from Yorkshire Bank to replace my name with hers. The transfer of equity has to be done by a conveyancer for Yorkshire Bank (apparently). Is it possible for us to do the Land Registry formalities?
• I purchased a house with my cousin five.seven years ago Since then, we have both got married. We are now seeking to do a transfer of equity so my name is taken off the Yorkshire Bank mortgage. There is a 30k difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
• I am in the process of removing a name from a joint mortgage and the Yorkshire Bank require me to use a lawyer to carry out the legalities. Can you recommend a reasonably priced Timperley conveyancing solicitor to deal with the transfer of equity? They need to be on the Yorkshire Bank conveyancing panel.

Information that may be required from your lawyer is likely to ask regarding your Yorkshire Bank Transfer of Equity

Important warnings to consider in conjunction with the above Yorkshire Bank transfer of equity Info :

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 Bank conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

If your property is leasehold, the lease may have a requirement for notices to be served and that you have a license to do so from the landlord. If such conditions are not complied with you may be in breach of your covenants under the lease. This could trigger 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 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 conveyancing solicitor 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 finalisation 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 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.