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Allied Irish Bank

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

  • Allied Irish Bank have just agreed I can take over the mortgage on the flat. I previously applied for a transfer of equity but is this a transfer of ownership at HMLR as well?
  • What can I do where I am not happy with the conveyancer who conducted our transfer of equity conveyancing?
  • I own a property in Winchelsea , with a Allied Irish Bank mortgage with my ex partner. He and his new partner are going to acquire my share. We had consent from Allied Irish Bank to substitute my name with hers. The transfer of equity has to be completed by a conveyancer for Allied Irish Bank (apparently). Is it possible for us to do the Land Registry formalities?
  • My father died half a year ago leaving a mortgage-free bungalow to me and my brother 50:50. He has always lived in the premises, there was a provision in her will specifying that the housecould not be sold for three years after her death so he could reside there for a specified time frame. He now says he would like to remain in the premises beyond the prescribed period. We have considered a transfer of equity. Would I be right in thinking that we should get a valuation then he'd get a mortgage in the traditional way to buy my share?
  • My former husband are planning to get a lawyer in place for a remortgage with Allied Irish Bank. Transfer of Equity conveyancing is also necessaryI have used the different rating based services and the results are from all over UK. Do we need to have a lawyer local to us?
  • Is it possible to transfer the equity held in my property with my Allied Irish Bank mortgage?
  • What is the process for having a person removed from the title documents to a house where the mortgage is with Allied Irish Bank

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

Please confirm where you are making any payment for the Transfer of Equity and to whom and notify us the amount?

Has consent been obtained from Allied Irish Bank to the proposed transfer of equity?

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

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

We need you to provide the National Insurance Number(s) of all the new owners (required for completion of the Stamp Duty Land Tax Form)

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?

Information to consider 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 titles

Should the tenure of your property be leasehold, the lease may require that you have a license to do so from the freeholder. If such terms are not adhered to you may be in violation of the lease. This could trigger 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 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 varies based on the market value of the property at the time of completion 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 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 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