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Allied Irish Bank

Top seven questions relating to Allied Irish Bank transfer of equity

  • I got my Decree Absolute in 2012. I simply never dealt with the transfer ownership from the current 'joint' status to my sole name. I now plan to deal with it and there are no objections. Transfer-of-equity is needed. Allied Irish Bank is happy to transfer the full equity in my name (financial checks done). Does she need any legal representation?
  • At what stage do I pay the Stamp Duty Land Tax due for the transfer of equity in my house in my sole name which is taking place at the same time as a remortgage via Allied Irish Bank?
  • What legal advice do I need when doing a transfer of equity where the mortgage is to remain with Allied Irish Bank?
  • What if my application doesn't meet Allied Irish Bank lending criteria for a transfer of equity?
  • My former husband are planning to get a lawyer in place for a new mortgage 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 England and Wales. Do we need to instruct a lawyer local to us?
  • I understand we would need at least AP1 and Transfer Deed. Is this true?
  • I am trying to find a conveyancer to deal with my transfer of equity. Allied Irish Bank have been approached for a refinancing. I considered asking my financial adviser. I understand he will likely get a kickback for recommending a firm, but also of benefit will be that he knows the conveyancing solicitor, has dealt with them before. Any flaws you see in this way of thinking?

Questions that your conveyancer may ask in relation to your Allied Irish Bank Transfer of Equity

Can you provide the name(s) and addresse(s) of those who jointly own the property with you?

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

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

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been completed?

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

Is it the case that one of the registered proprietors died? If so please forward us with a copy of the Death Certificate, Probate and a copy of the Will.

Information to consider 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 properties

If your property is leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such conditions are not strictly observed you may be in breach 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 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 conclusion 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 lawyer 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.


Frequently asked questions relating to Allied Irish Bank transfer of equity