Allied Irish Bank transfer of equity example support desk enquires

• My Allied Irish Bank mortgage is in joint names with ex, who has agreed to come off the deeds and let me have the property. Allied Irish Bank have consented to the transfer of equity to my individual name. Will Allied Irish Bank write my employer to confirm my salary?
• I purchased a property with my cousin five.seven years ago Since then, we have both got married. We are now intending to do a transfer of equity so my name is taken off the Allied Irish Bank mortgage. There is a significant difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
• My decree absolute has gone through as is the consent order. Now I must sort out the transfer of equity for the property and the Allied Irish Bank home loan. I have called Allied Irish Bank for the transfer of equity forms. What are my next steps?
• I am filling out a Allied Irish Bank transfer of equity application and have come to the questions regarding debts etc. There are some debts that I have been paying off over a long period, in fact they have long since disappeared from my credit score. Am I obliged to set these out?
• Will I incur any fees for a Transfer of Equity where the existing home loan is with Allied Irish Bank?
• Is it sensible to stop my mortgage payments with Allied Irish Bank once a date for my remortgage and transfer of equity has been set?
• Taking into account that we have been a number of years estranged I have made the decision to transfer my interest in the flat to my husband who is refinancing with Allied Irish Bank. Can a transfer of equity be done within 28 days?

Examples of questions in a conveyancing solicitor questionnaire relating to Allied Irish Bank Transfer of Equity

Caveats to be read in in addition to the above Allied Irish Bank transfer of equity Questions and Answers :

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 Allied Irish Bank conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

Should the tenure of your property be leasehold, provisions in the lease may require that you have a license to do so from the landlord. If such conditions are not complied with you may be in violation 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 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 time of completion of the transfer of equity conveyancing.

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 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 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.