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

• I am filling out a Bank of Ireland Mortgages transfer of equity form and have come to the questions regarding debts etc. I do some debts that I have been discharging since 2009, in fact they have long since disappeared from my credit score. Am I obliged to reveal these?
• Is stamp duty payable when it comes to an transfer of equity with a mortgage with Bank of Ireland Mortgages?
• I own a apartment in Winchelsea , with a Bank of Ireland Mortgages loan with my former partner. He and his fiance are going to acquire my share. We had approval from Bank of Ireland Mortgages to remove my name with hers. The transfer of equity needs to be done by a for Bank of Ireland Mortgages (apparently). In order to save fees can I deal with the Land Registry formalities?
• My decree absolute is through as is the consent order. Now I need to deal with the transfer of equity at the HMLR and the Bank of Ireland Mortgages mortgage. I have contacted Bank of Ireland Mortgages for the transfer of equity application. What do I do now?
• I am selling my share of a property in Woodside to the other co-owners husband, they are sticking with Bank of Ireland Mortgages as the the existing lender. We are haggling as to who must pay the charges for the transfer of equity. Should this be split or is one of us obliged to cover the legal bill?
• I am looking for a lawyer to undertake my transfer of equity. Bank of Ireland Mortgages are dealing with the remortgage. I thought of asking my mortgage broker. I am lead to believe he may get a referral fee for suggesting a firm, but also of benefit will be that he knows the conveyancer, has a working relationship with them. Is my logic correct?
• I recently bought a apartment without my wife's name on the deeds. My advised it is due to the fact that she was not in the loan offer with Bank of Ireland Mortgages. I'm wondering is there any way that I can put her name on the documents at HMLR?

Examples of information requested in a conveyancing solicitor form relating to Bank of Ireland Mortgages Transfer of Equity

Information to consider in supporting the above Bank of Ireland Mortgages transfer of equity information :

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 Bank of Ireland Mortgages conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. 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 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 lawyer 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 valuation of the property at the time of completion of the transfer of equity conveyancing.

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

When it comes to preparing the the Land Registry documents your conveyancing solicitor 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 lawyer 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 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. Lender Panel.com Ltd will not be liable for any direct or indirect loss or damage arising out of or in connection with the use of this information.