Examples of recent questions relating to Allied Irish Bank transfer of equity
- I am in the process of removing a name from a joint mortgage and the Allied Irish Bank need me to use a conveyancer to carry out the legalities. Can you recommend a reasonably priced Timperley
conveyancing solicitor to deal with the transfer of equity? They need to be on the Allied Irish Bank conveyancing panel.
- Our mortgage broker has recommended their conveyancer for our Transfer of Equity plus remortgage with Allied Irish Bank - Surely it’s advisable to just instruct them?
- Am I best advised cancel my mortgage payments with Allied Irish Bank once a date for my remortgage and transfer of equity has been agreed?
- I already have a home loan 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 can it take for the paperwork to be processed?
- I am in the process of mortgaging my apartment in Wakefield
does my lawyer need to be on the Allied Irish Bank Conveyancing panel. The conveyancing also involves a transfer of equity.
- Online research suggests that solicitors are more expensive than conveyancers when it comes to transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor if I am transferring equity and at the same time switching mortgage with Allied Irish Bank
- I am hoping to remortgage my flat in Heathfield
changing from Virgin Money to Allied Irish Bank. The home is currently in joint names but intend for it to be in my sole name as and when I remortgage. My former partner is OK with this and is happy to transfer equity but neither of us want to incur conveyancing solicitor charges.
Information that may be required from your conveyancer is likely to ask in relation to your Allied Irish Bank Transfer of Equity
Please give the name(s) and addresse(s) of anyone who jointly owns the property with you?
Who will be responsible for the costs of the Transfer of Equity?
We need you to supply the National Insurance Number(s) of all the new owners (required for completion of the Stamp Duty Land Tax Form)
Would you like us to draw up a Declaration of Trust. If so are you willing to pay for the additional fee (beyond the Transfer of Equity fee)?
Please give the details of anyone to be added to the property title?
Please inform us where you are making any payment for the Transfer of Equity and to whom and notify us the amount?
Information to consider in further to the above Allied Irish Bank transfer of equity Info :
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 require that you have a license to do so from the freeholder. If such conditions are not complied with you may be in violation of your covenants under 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 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 is dependent on the market value 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 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 lawyer 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.