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

• Do I need legal advice when doing a transfer of equity where the home loan is to remain with Allied Irish Bank?
• I got my Decree Absolute two years ago. Foolishly I never dealt with the transfer ownership from both our names to just in my name. I am ready to do that and so is she. Transfer-of-equity is presumably the way forward. Allied Irish Bank is content to transfer the full equity in my name (financial checks done). Does she need a conveyancer?
• When it comes to transfer of equity conveyancing involving a remortgage with Allied Irish Bank should I be paying value added tax on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
• In 2012 I purchased a flat without my wife's name on the ownership paperwork. My lawyer advised it is because she is not in the loan offer with Allied Irish Bank. I'm wondering is there any way that I can add her name on the documents at HM Land Registry?
• I am selling my equity in apartment in Warwick to my co-owners fiance, they are reapplying to Allied Irish Bank. We are in heated discussion as to who must pay the costs of the transfer of equity. Should this be shared or is one party liable for the fees for?
• Me and my former partner and I are in the market for an affordable conveyancing solicitor to help me sell in a transfer of equity and remortgage with Allied Irish Bank. I really don't want to get ripped off and there are plenty conveyancing solicitors who do transfer of equity conveyancing out there...who do I opt for?
• Having been a number of years separated I have opted to relinquish up my share of the property to my husband who is refinancing with Allied Irish Bank. Can a transfer of equity be completed within one month?

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

General Advice to read in conjunction with the above Allied Irish Bank transfer of equity information :

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, the lease may require that you obtain the consent of the landlord. If such conditions are not complied with 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 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 valuation of the property at the conclusion of the transfer of equity transaction.

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 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.