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Bank of Ireland Mortgages

Frequently asked questions relating to Bank of Ireland Mortgages transfer of equity

  • My partner and I co-own a house in Wakefield . Home loan is with Bank of Ireland Mortgages. I wish to transfer full ownership to him with no passing of money but without using a lawyer. Do you think this should be straightforward?
  • Do I need legal representation when doing a transfer of equity where the home loan is to remain with Bank of Ireland Mortgages?
  • I got my Decree Absolute two years ago. For some reason I never dealt with the transfer ownership from both our names to just in my name. I am ready to do that and so is she. Transfer-of-equity is presumably the way forward. Bank of Ireland Mortgages is happy to transfer the full equity in my name (financial checks done). Does my ex need a solicitor?
  • Can I apply to borrow more money from Bank of Ireland Mortgages as part of a Transfer of Equity?
  • My fiance and I have equal shares in a BTL. I am a top rate tax payer. Preferably I would like to complete a transfer of equity into her name to reduce our tax on rental income. If Bank of Ireland Mortgages are happy with this the legal fees are not high. What are the implications when we dispose of the property? Would my GGT relief be lost.
  • My existing mortgage is with Bank of Ireland Mortgages. Can I transfer equity to someone who is not yet 18 years old?
  • I recently purchased a apartment without my partner's name on the title documents. My conveyancing solicitor advised it is because she was not in the mortgage with Bank of Ireland Mortgages. I'm wondering is there any way that I can put her name on the documents at HM Land Registry?

Sample of questions in a lawyer questionnaire relating to Bank of Ireland Mortgages Transfer of Equity

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

If 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” Questionnaire.

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

If are going to hold 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 the same

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

Important warnings to consider in in addition to the above Bank of Ireland Mortgages 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 Bank of Ireland Mortgages conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such terms are not adhered to you may be in violation 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 conveyancer will check with Bank of Ireland Mortgages 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 Bank of Ireland Mortgages 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 conclusion of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with Bank of Ireland Mortgages your property may be repossessed.

Preparing the Transfer of Equity with a Bank of Ireland Mortgages Mortgage

When it comes to preparing the the Land Registry documents your lawyer should in the ‘consideration’ panel choose the first option, if consideration is given; otherwise ignore the consideration panel altogether.

If Bank of Ireland Mortgages 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 provided 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.


Frequently asked questions relating to Bank of Ireland Mortgages transfer of equity