LenderPanel.com

Find a Law Firm for your Transfer of Equity approved by
Allied Irish Bank

Allied Irish Bank transfer of equity example support desk enquires

  • I am planning on removing a name from a joint mortgage and the Allied Irish Bank need me to use a conveyancing solicitor to carry out the conveyancing. Can you recommend a reasonably priced Blaenavon conveyancer to deal with the transfer of equity? They need to be on the Allied Irish Bank conveyancing panel.
  • Can I transfer the equity held in my property with my Allied Irish Bank mortgage?
  • I already have a mortgage with Allied Irish Bank and am retaining my existing mortgaging but applying to have it in my sole name so my ex won't be on it any longer. How long do Allied Irish Bank take to process the application?
  • I am led to believe we would need at least AP1 and TR1. Is this true?
  • I am filling out a Allied Irish Bank transfer of equity application and have arrived at the section concerning debts etc. I do some debts that I have been paying off over a long period, in fact they have long since disappeared from my credit records. Must I declare these?
  • My Allied Irish Bank home loan is in joint names with ex, who is agreeable to come off the deeds and put the house in my name alone. Allied Irish Bank will permit the transfer of equity to me solely. Will Allied Irish Bank call my employer to confirm my salary?
  • My wife and I equally own a BTL. I am a top rate tax payer. Ideally I would like to do a transfer of equity to her sole name with a view to mitigate tax on the letting income. Assuming Allied Irish Bank are content with this the legal fees are not high. What are the implications when we sell? As I would no longer be on the title documents am I giving up my CGT relief.

Sample of questions in a conveyancer questionnaire concerning a Allied Irish Bank Transfer of Equity

Where you are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Will there be any payment between the parties for the Transfer of Equity? If so, please state the amount and who is to receive what figure

Who will be responsible for the costs of the Transfer of Equity?

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

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

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

Caveats to be read in conjunction with 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

If your property is leasehold, the lease may require that you have a license to do so from the landlord. If such terms are not adhered to you may be in breach of 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 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 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 conveyancer 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 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