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Bank of Ireland Mortgages

Sample questions relating to Bank of Ireland Mortgages transfer of equity

  • My financial adviser has recommended their lawyer for our Transfer of Equity plus remortgage with Bank of Ireland Mortgages - won’t it be easier to just instruct them?
  • My decree absolute has gone through as is the consent order. Now I must deal with the transfer of equity at the HMLR and the Bank of Ireland Mortgages home loan. I have asked Bank of Ireland Mortgages for the transfer of equity forms. What happens next?
  • Can I transfer the equity held in my property with my Bank of Ireland Mortgages mortgage?
  • I got divorced in 2011. I simply never got around to change the ownership from both our names to my sole name. I am ready to do that and so is she. Transfer-of-equity is presumably the way forward. Bank of Ireland Mortgages is willing to transfer the property and loan in my name (financial checks done). Does she need a solicitor?
  • I am selling my equity in property in Warwick to my co-owners fiance, they are sticking with Bank of Ireland Mortgages as the the existing mortgage company. We are haggling as to who must cover the costs of the transfer of equity. Should this be shared or is one of us liable for the costs of?
  • Have recently separated from my wife of twenty years. I'm now back with my parents again and she wants to remain in the flat and buy me out. What percentage am I entitled to. Is it 50% of the equity after discharging the Bank of Ireland Mortgages home loan? I assume proper valuations are necessary but I would like ensure that I'm getting what I am entitled to
  • I currently have a joint Bank of Ireland Mortgages mortgage with my brother and am investigating the possibility of him taking on the outstanding mortgage and extracting myself from it, so as to enable me to buy a place with my fiance. The remaining mortgage is approx 200k, and the property value is approx 450k. Is this a transfer of equity? Is land tax payable?

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

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” Form.

Please provide the details of anyone to be added to the title deeds?

Would you like us to draw up a Declaration of Trust. If so are you happy to pay for the additional fee (beyond the Transfer of Equity fee)?

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

Please provide the details of anyone to be removed from the title deeds?

Please provide a copy of your National Insurance Number?

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

Transfer of Equity Conveyancing for Leasehold premises

If your property is leasehold, provisions in the lease may require that you obtain the consent of the freeholder. If such conditions are not strictly observed you may be in violation of your covenants under 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 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 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 varies based on the market value of the property at finalisation of the transfer of equity transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with Bank of Ireland Mortgages.

Preparing the Transfer of Equity with a Bank of Ireland Mortgages 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 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