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Are you in need of a Transfer of Equity with a Allied Irish Bank (GB), a trading name of AIB Group (UK) mortgage? Failing to check that a lawyer is on the Allied Irish Bank (GB), a trading name of AIB Group (UK) list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Top seven questions relating to Allied Irish Bank transfer of equity

  • My former husband are seeking to get a conveyancer in place for a remortgage with Allied Irish Bank. Transfer of Equity conveyancing is also neededI have used the different rating based services and the results are from all over England and Wales. How necessary is it to have a conveyancing solicitor local to us?
  • My divorce is through as is the consent order. Now I have to sort out the transfer of equity for the property and the Allied Irish Bank home loan. I have asked Allied Irish Bank for the transfer of equity application. What are my next steps?
  • Been looking at online forums 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 switching mortgage with Allied Irish Bank
  • I am transferring my equity in flat in Woodside to my co-owners husband, they are reapplying to Allied Irish Bank. We are in heated discussion as to who should cover the costs of the transfer of equity. Is this usually shared or is one of us liable for the charges for?
  • Can I transfer the equity held in my property with my Allied Irish Bank home loan?
  • Me and my partner jointly own a flat in Dunnington . Mortgage is with Allied Irish Bank. I want to transfer full ownership to him with no exchange of money but without using a lawyer. Is this likely to be simple?
  • Do I need legal representation when doing a transfer of equity where the home loan is to remain with Allied Irish Bank?

Information that may be required from your conveyancer is likely to ask regarding your Allied Irish Bank Transfer of Equity

Please list all persons who occupy the property, their respective ages and relationships to you.

Please give the details of anyone to be removed from the title deeds?

Please confirm if you are making any payment for the Transfer of Equity and to whom and disclose any such sums?

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

Please provide a copy of your National Insurance Number?

Please provide the name(s) and addresse(s) of anyone to be added to the title deeds?

General Advice to read in supporting the above Allied Irish 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 Allied Irish 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 have a license to do so from the landlord. If such conditions are not complied with you may be in breach of 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 conveyancing solicitor will check with Allied Irish 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 Allied Irish 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 conclusion of the transfer of equity transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with Allied Irish Bank.

Preparing the Transfer of Equity with a Allied Irish 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 Allied Irish 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 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.


Frequently asked questions relating to Allied Irish Bank transfer of equity