Recently asked questions relating to Yorkshire Building Society transfer of equity

• I am selling my equity in flat in Hendon to my co-owners husband, they are sticking with Yorkshire Building Society as the the existing mortgage company. We are haggling as to who must cover the charges for the transfer of equity. Should this be shared or is one of us liable for the fees for?
• My former wife are planning to get a lawyer in place for a refinance with Yorkshire Building Society. Transfer of Equity conveyancing is also neededI have used the different comparison based services and the results are from all over England and Wales. Is it important to instruct a conveyancing solicitor local to us?
• Can I apply to borrow a further advance from Yorkshire Building Society as part of a Transfer of Equity?
• What is the process for having a person removed from the title documents to a property if the mortgage is with Yorkshire Building Society
• Is stamp duty payable when it comes to an transfer of equity with a mortgage with Yorkshire Building Society?
• Will I have to pay any fees for a Transfer of Equity where the existing mortgage is with Yorkshire Building Society?
• I got my Decree Absolute four years ago. Foolishly I never dealt with the change the ownership from both our names to my name alone. I now plan to deal with it and there are no objections. Transfer-of-equity is needed. Yorkshire Building Society is willing to transfer the full equity in my name (affordability checks done). Does she need a solicitor?

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

Important warnings to consider in in addition to the above Yorkshire Building Society transfer of equity Advice :

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 have a requirement for notices to be served and that you have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in violation 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 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 market value of the property at finalisation of the transfer of equity conveyancing.

Preparing the Transfer of Equity with a Yorkshire Building Society 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 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 provided on 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.