LenderPanel.com

Find a Law Firm for your Transfer of Equity approved by
Bank of Ireland Mortgages

Questions and answers: Bank of Ireland Mortgages transfer of equity

  • Can I apply to request more money from Bank of Ireland Mortgages as part of a Transfer of Equity?
  • I already have a home loan with Bank of Ireland Mortgages and am retaining my existing mortgaging but applying to have have the equity transferred to my sole name so my former partner won't be on it any longer. How long do Bank of Ireland Mortgages take to process the application?
  • Am I best advised cancel my mortgage payments with Bank of Ireland Mortgages once a date for my remortgage and transfer of equity has been agreed?
  • What if my application doesn't meet Bank of Ireland Mortgages lending criteria for a transfer of equity?
  • What can I do where I am dissatisfied with the conveyancer who carried out my transfer of equity transaction?
  • Bank of Ireland Mortgages have just agreed I can take over the mortgage on the flat. I have applied for a transfer of equity but is this a transfer of ownership of the house on top?
  • I am considering mortgaging my home in Sedgefield does my lawyer have to be on the Bank of Ireland Mortgages Conveyancing panel. The conveyancing also involves a transfer of equity.

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

Would you like us to draft you Declaration of Trust. If so are you happy to incur the further fee (beyond the Transfer of Equity fee)?

Please give the name(s) and addresse(s) of anyone to be added to the title deeds?

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

Please list all persons who occupy the property, their respective ages and relationships to you.

We need you to supply the National Insurance Number(s) of all the new owners (required for completion of the SDLT Form)

Is the transfer of equity subject to a court order? If yes please supply a copy

General Advice to read 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 titles

If your property is leasehold, the lease may require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in breach of the lease. This could potentially result in the freeholder taking enforcement action against you.

Indemnity Insurance

If the transfer of equity is made pursuant to 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 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 is dependent on the valuation of the property at finalisation 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.

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