LenderPanel.com

Find a Law Firm approved by
Allied Irish Bank

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.

Allied Irish Bank transfer of equity example support desk enquires

  • Will I have to pay any fees for a Transfer of Equity where the current mortgage is with Allied Irish Bank?
  • My current mortgage is with Allied Irish Bank. Can I transfer equity to someone under eighteen years old?
  • My ex are planning to get a lawyer lined up for a remortgage with Allied Irish Bank. Transfer of Equity conveyancing is also neededI have used the different comparison based websites and the results are from all over the country. How necessary is it to instruct a conveyancing solicitor local to us?
  • I am selling my share of a property in Woodside to the other co-owners fiance, they are sticking with Allied Irish Bank as the the existing mortgage company. We are in heated discussion as to who must cover the costs of the transfer of equity. Should this be split or is one of us liable for the fees for?
  • I plan to refinance my apartment in Rye switching from Godiva Mortgages to Allied Irish Bank. The apartment is currently in joint names but intend for it to be in my name only when I transfer. My wife has agreed to this and is happy to transfer equity but neither of us want to incur conveyancer charges.
  • Is there such a thing a transfer of equity stamp duty calculator?
  • Is it possible to transfer the equity held in my property with my Allied Irish Bank home loan?

Sample of information requested in a conveyancer form concerning a Allied Irish Bank Transfer of Equity

Please provide the details of anyone to be added to the property title?

Please confirm where you are providing any payment for the Transfer of Equity and to whom and disclose the amount?

Who will be responsible for the costs of the Transfer of Equity?

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?

Would you like us to prepare Declaration of Trust. If so are you willing to pay for the additional fee (beyond the Transfer of Equity fee)?

Please provide the details of those who jointly own the premises with you?

Information to consider in conjunction with the above Allied Irish Bank transfer of equity information :

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 properties

If your property is leasehold, provisions in the lease may require that you obtain the consent of the landlord. If such terms are not adhered to 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 lawyer 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 market value of the property at the time of completion 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 lawyer 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