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Are you in need of a Transfer of Equity with a Bank of Ireland as Bank of Ireland Mortgages mortgage? Failing to check that a lawyer is on the Bank of Ireland as Bank of Ireland Mortgages list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Examples of recent questions relating to Bank of Ireland Mortgages transfer of equity

  • Can you tell me how to have someone removed from the deeds to a property where the mortgage is with Bank of Ireland Mortgages
  • I got my Decree Absolute in 2011. Foolishly I 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 needed. Bank of Ireland Mortgages is willing to transfer the property and loan in my name (financial checks done). Does she need a conveyancer?
  • I currently have a joint Bank of Ireland Mortgages mortgage with my step-brother and am investigating the feasibility of him taking on the outstanding mortgage and removing myself from it, to enable me to purchase somewhere with my soon-to-be-wife. The remaining mortgage is in the region 250k, and the property value is approx 450k. Is this a transfer of equity? Is land tax due?
  • I am remortgaging my flat in Rye does my lawyer have to be on the Bank of Ireland Mortgages Solicitor panel. The conveyancing also involves a transfer of equity.
  • My father passed away half a year ago leaving a loan-free semi to me and my brother 50:50. He has always lived in the property, there was a condition in the will specifying that the propertycould not be sold for 2 years following her passing so he could continue to live there for a while. He now wants to remain in the premises beyond the prescribed period. We have considered a transfer of equity. Would I be right in thinking that we should get a valuation then he'd get a mortgage in the conventional way to purchase my equity?
  • Is it sensible to stop the direct debit for my mortgage with Bank of Ireland Mortgages once a date for my remortgage and transfer of equity has been agreed?
  • Is it possible to transfer the equity held in my property with my Bank of Ireland Mortgages mortgage?

Sample of questions in a conveyancer form relating to Bank of Ireland Mortgages Transfer of Equity

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been completed?

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?

Have you approached Bank of Ireland Mortgages to seek consent to the Transfer of Equity

Will there be any payment between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive the same

If you are adding someone on to the title deeds how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

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

Information to consider in in addition to the above Bank of Ireland Mortgages 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 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 require that you obtain the consent of the landlord. 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 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 varies based on the market value of the property at the time of completion of the transfer of equity transaction.
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 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 conveyancing solicitor 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 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