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Allied Irish Bank

Examples of recent questions relating to Allied Irish Bank transfer of equity

  • My mortgage broker has suggested using their conveyancing solicitor for our Transfer of Equity plus remortgage with Allied Irish Bank - Is it not simpler easier to just instruct them?
  • What do I need to do when it comes adding or removing names (transfer of equity) to or from my Allied Irish Bank mortgage account?
  • I already have a home loan with Allied Irish Bank and am keeping my existing mortgaging but applying to have it in my name only so my ex won't be on it any longer. How long can it take for the paperwork to be processed?
  • I got divorced three years ago. For some reason I never dealt with the transfer ownership from both our names to my name alone. I am ready to do that and so is she. Transfer-of-equity is needed. Allied Irish Bank is happy to transfer the property and loan in my name (affordability checks done). Does she need a conveyancer?
  • What legal advice do I need when doing a transfer of equity where the home loan is to remain with Allied Irish Bank?
  • My divorce has gone through as is the consent order. Now I need to deal with the transfer of equity on title deeds and the Allied Irish Bank home loan. I have contacted Allied Irish Bank for the transfer of equity forms. What do I do now?
  • What if my application doesn't meet Allied Irish Bank lending criteria for a transfer of equity?

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

Have you approached Allied Irish Bank to seek consent to the Transfer of Equity

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

Will there be any consideration monies passing between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive the same

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?

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

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

Information to consider in supplemental the above Allied Irish Bank transfer of equity Advice :

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 titles

Should the tenure of your property be leasehold, provisions in the lease may require that you have a license to do so from the freeholder. 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 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 conveyancer 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 finalisation of the transfer of equity transaction.
If you do not keep up the payments on your mortgage with Allied Irish Bank your property may be repossessed.

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 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.


Frequently asked questions relating to Allied Irish Bank transfer of equity