Sample questions relating to Bank of Ireland Mortgages transfer of equity

• My existing mortgage is with Bank of Ireland Mortgages. Can I transfer equity to someone less than 18 years old?
• I am am in need of a conveyancing solicitor to deal with my transfer of equity. Bank of Ireland Mortgages are dealing with the refinancing. I thought of asking my financial adviser. I understand he will likely get a referral fee for recommending someone, but also of benefit will be that he knows the conveyancer, has dealt with them before. Is my logic correct?
• Bank of Ireland Mortgages have today agreed I can take over the mortgage on the house. I previously applied for a transfer of equity but presumably there is a transfer of ownership at HMLR on top?
• I am hoping to refinance my apartment in Winchelsea switching from Accord to Bank of Ireland Mortgages. The home is jointly owned but I would like it to be in my sole name when I switch. My husband is OK with this and is happy to sign a form but neither of us want to get a second conveyancer involved.
• My father passed away early last year leaving a unencumbered semi to me and my step brother in equal shared. Having continues to reside at the house, there was a condition in her will saying the propertycould not be sold for 2 years after her death so he could continue to live there for a prescribed period. He now wants to remain in the property beyond the prescribed period. We have discussed a transfer of equity. Am I right in saying we'd get a valuation then he'd get a home loan in the traditional way to acquire my share?
• As things stand I have a joint Bank of Ireland Mortgages mortgage with my step-brother and am looking into the option of him assuming responsibility for the whole mortgage and removing myself from it, so as to enable me to buy a place with my partner. The remaining mortgage is about 200k, and the property value is about 450k. Is this a transfer of equity? Is land tax payable?
• Is it possible to transfer the equity held in my property with my Bank of Ireland Mortgages mortgage?

Questions that your conveyancing solicitor is likely to ask about your Bank of Ireland Mortgages Transfer of Equity

General Advice to read in conjunction with the above Bank of Ireland Mortgages transfer of equity Info :

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 properties

Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in breach of your covenants under the lease. This could potentially result in 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 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 market value of the property at finalisation of the transfer of equity transaction.

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 conveyancer 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. 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.