Common questions relating to Yorkshire Bank transfer of equity

• What can I do where I am dissatisfied with the lawyer who did my transfer of equity conveyancing?
• I am in the market for an affordable conveyancing lawyer to assist in a transfer of equity and refinance with Yorkshire Bank. I I am fearful of by bill escalating out of control but with lots of conveyancing firms who do transfer of equity conveyancing to pick from...how do I know which one is best appoint?
• Online research suggests that solicitors are more expensive than licensed conveyancers when it comes to transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor if I need to be transferring equity and simultaneously refinancing with Yorkshire Bank
• I co-own a house in Ampthill , with a Yorkshire Bank mortgage with my ex husband. He and his new partner are going to buy me out. We had consent from Yorkshire Bank to replace my name with hers. The transfer of equity has to be done by a lawyer for Yorkshire Bank (supposedly). In order to save fees can I do the Land Registry change?
• My partner and myself 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 to reduce our tax on the letting income. Assuming Yorkshire Bank are fine with this the legal fees are not high. What are the implications when we sell? Would my GGT relief be lost.
• When it comes to transfer of equity conveyancing involving refinance with Yorkshire Bank should I be paying 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 bought a flat with my cousin six years ago Since purchasing the property, 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 meaningful difference between the value the bank say and what the property would sell for currently. Can you offer any advice?

Questions that your lawyer is likely to ask in relation to your Yorkshire Bank Transfer of Equity

Information to consider in in addition to the above Yorkshire Bank transfer of equity Info :

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 titles

If your property is leasehold, provisions in 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 potentially result in 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 lawyer 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 varies based on the market value of the property at finalisation of the transfer of equity transaction.

Preparing the Transfer of Equity with a Yorkshire Bank 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 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 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.