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Allied Irish Bank

Allied Irish Bank transfer of equity example support desk enquires

  • My existing mortgage is with Allied Irish Bank. Can I transfer equity to someone less than 18 years old?
  • What if my application doesn't meet Allied Irish Bank lending criteria for a transfer of equity?
  • Law month I split up with my partner of thirty years. I'm now living with my parents again and she wants to remain in the flat and buy me out. What percentage do I get. Is it 50% of the equity after discharging the Allied Irish Bank home loan? I assume proper valuations are necessary but I really need to be confident that I'm getting what I am entitled to
  • I own a house in Winchelsea , with a Allied Irish Bank loan with my ex partner. He and his new partner are going to buy me out. We had approval from Allied Irish Bank to replace my name with hers. The transfer of equity needs to be done by a conveyancer for Allied Irish Bank (apparently). In order to save fees can I deal with the Land Registry change?
  • What is the process for having a person removed off the deeds to a house if the mortgage is with Allied Irish Bank
  • I got divorced four years ago. For some reason I never got around to change the ownership from the current 'joint' status to my name alone. 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?
  • My Allied Irish Bank mortgage is in joint names with ex, he is agreeable to be removed and put the house in my name alone. Allied Irish Bank have consented to the transfer of equity to me solely. Will Allied Irish Bank call my company to check my salary?

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

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

Please provide a copy of your National Insurance Number?

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

If you are adding someone on to the property how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

Is the transfer of equity subject to a court order? If yes please supply a copy

Please give the name(s) and addresse(s) of anyone who jointly owns the property with you?

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.
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 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.


Frequently asked questions relating to Allied Irish Bank transfer of equity