Examples of recent questions relating to Allied Irish Bank transfer of equity
- When it comes to transfer of equity conveyancing involving a remortgage with Allied Irish Bank should I be charged value added tax on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
- Me and my former fiance and I are are seeking to find an affordable conveyancing lawyer to assist in a transfer of equity and remortgage with Allied Irish Bank. I I am fearful of being overcharged and there are lots of conveyancing practices who do transfer of equity conveyancing to choose from...who's the best?
- How and when do I incur the Stamp Duty Land Tax chargeable for the transfer of equity in my home in my sole name which is happening at the same time as a refinancing with Allied Irish Bank?
- I currently have a joint Allied Irish Bank mortgage with my cousin and am investigating the feasibility of him taking on the whole mortgage and removing myself from it, to enable me to buy a property with my partner. The remaining mortgage is about 175k, and the property value is about 450k. Is this a transfer of equity? Is stamp duty payable?
- Law month I separated from my wife of thirty years. I'm now back with my mum and dad and she wishes to remain in the apartment and buy me out. What portion do I get. Is it 50% of the equity after paying off the mortgage with Allied Irish Bank? I assume proper valuations are necessary but I really need to be sure that I'm getting the best deal
- Is stamp duty payable when it comes to an transfer of equity with a mortgage with Allied Irish Bank?
- I am completing a Allied Irish Bank transfer of equity request and have come to the part that asks about defaults etc. There are some debts that I have been clearing since 2007, I understand that they no longer remain my credit score. Do I need to declare these?
Sample of information requested in a conveyancer questionnaire concerning a Allied Irish Bank Transfer of Equity
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 list all persons who occupy the property, their respective ages and relationships to you.
Will there be any payment between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive what sums
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?
Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?
Please provide a copy of your National Insurance Number?
General Advice to read in supplemental the above Allied Irish Bank transfer of equity Questions and Answers :
Tax and Legal
There are numerous potential 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, the lease may require that you have a license to do so from the freeholder. If such conditions are not complied with you may be in breach of the lease. This could trigger the freeholder taking enforcement action against you.
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 conveyancing solicitor 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 market value 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 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.
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.