Examples of recent questions relating to Bank of Ireland Mortgages transfer of equity
- Do I need legal representation when doing a transfer of equity where the home loan is to remain with Bank of Ireland Mortgages?
- Me and a friend got a joint mortgage with Bank of Ireland Mortgages on a apartment in 2013. I am now looking to get a property on my own and my friend would like to buy me out. On the basis that we can settle on a figure where do we go? Is there likely to be any concerns with Bank of Ireland Mortgages with him being responsible for the total loan rather than only part of it?
- I currently have a joint Bank of Ireland Mortgages mortgage with my brother and am investigating the possibility of him assuming responsibility for the whole mortgage and subtracting myself from it, to enable me to purchase a place with my soon-to-be-wife. The outstanding mortgage is in the region 175k, and the property value is about 600k. Is this a transfer of equity? Is land tax payable?
- My ex are seeking to get a lawyer in place for a remortgage with Bank of Ireland Mortgages. Transfer of Equity conveyancing is also requiredI have used the different comparison based tools and the results are from all over UK. Do we need to appoint a lawyer local to us?
- Law month I split up with my partner of thirty years. I'm now back with my mum and dad and she wants to remain in the property and pay me off. What percentage do I get. Is it 50% of the equity after paying off the Bank of Ireland Mortgages home loan? I assume proper valuations are required but I really need ensure that I'm getting what I am entitled to
- My existing home loan is with Bank of Ireland Mortgages. Can I transfer equity to someone less than 18 years old?
- Me and my partner jointly own a house in Romsey
. Mortgage is with Bank of Ireland Mortgages. I wish to transfer full ownership to him with no passing of money but without using a conveyancing solicitor. Is this likely to be straightforward?
Sample of information requested in a lawyer questionnaire relating to Bank of Ireland Mortgages Transfer of Equity
Please give the details of anyone to be added to the property title?
If are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?
Would you like us to draft you Declaration of Trust. If so are you happy to pay for the further fee (beyond the Transfer of Equity fee)?
Who will be responsible for the costs of the Transfer of Equity?
Have you approached Bank of Ireland Mortgages to obtain consent to the Transfer of Equity
Can you provide the details of those who jointly own the property with you?
Caveats to be read in in addition to 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 premises
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 breach of the lease. This could potentially result in the freeholder taking enforcement action against you.
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 is dependent on the valuation of the property at the conclusion of the transfer of equity conveyancing.
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 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 conveyancer 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 should not be regarded as 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.