Frequently asked questions relating to Allied Irish Bank transfer of equity
- Me and my former wife and I are are looking to find an affordable conveyancing solicitor to assist 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 organisations who do transfer of equity conveyancing out there...how do I know which to select?
- My former husband are planning to get a conveyancing solicitor lined up for a remortgage with Allied Irish Bank. Transfer of Equity conveyancing is also necessaryI have used the different comparison based websites and the results are from all over England and Wales. How necessary is it to have a conveyancing solicitor local to us?
- Allied Irish Bank have just agreed I can take over the mortgage on my home. I had applied for a transfer of equity but is this a transfer of ownership at HMLR on top?
- My friend and I got a joint mortgage with Allied Irish Bank on a flat about a year ago. I am now looking to get a house on my own and my friend would like to buy me out. Assuming we can agree a price what are the next steps? Is there likely to be any issue with Allied Irish Bank with him being responsible for the total mortgage as opposed to only half of it?
- My Allied Irish Bank mortgage we jointly entered into with ex, he is agreeable to be removed and let me have the property. Allied Irish Bank have consented to the transfer of equity to my individual name. Do Allied Irish Bank write my company to verify my salary?
- After a number of years separated I have made the decision to relinquish up my interest in the property to my husband who is re-mortgaging with Allied Irish Bank. Can a transfer of equity be done in one month?
- I am hoping to refinance my home in Wakefield
switching from HSBC to Allied Irish Bank. The flat is currently in joint names but I would like it to be in my name only once I remortgage. My former partner is OK with this and is happy to sign a form but neither of us want to get a second lawyer involved.
Questions that your lawyer may ask in relation to your Allied Irish Bank Transfer of Equity
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?
Has one of the registered owners passed away? If so please provide us with a copy of the Death Certificate, Probate and a copy of the Will.
Please give the name(s) and addresse(s) of anyone to be removed from the title deeds?
Please list all persons who occupy the property, their respective ages and relationships to you.
Please provide the name(s) and addresse(s) of those who jointly own the property with you?
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?
Important warnings to consider in supporting the above Allied Irish Bank transfer of equity Advice :
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 obtain the consent of the landlord. If such conditions are not strictly observed you may be in violation of the lease. This could trigger the freeholder taking enforcement action against you.
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 varies based on the valuation of the property at the time of completion 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 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.
Content 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.