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Bank of Ireland Mortgages

Bank of Ireland Mortgages transfer of equity example support desk enquires

  • Is there such a thing a transfer of equity stamp duty calculator?
  • I recently bought a flat without my fiance’s name on the title. My conveyancing solicitor claimed it is because she was not in the loan offer with Bank of Ireland Mortgages. I'm wondering is there any way that I can add her name on the deeds?
  • My financial adviser has suggested using their lawyer for our Transfer of Equity plus remortgage with Bank of Ireland Mortgages - Is it not simpler better to just instruct them?
  • 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 outstanding mortgage and subtracting myself from it, so as to enable me to buy a property with my soon-to-be-wife. The remaining mortgage is in the region 300k, and the property value is in the region 450k. Is this a transfer of equity? Is land tax due?
  • Law week I separated from my wife of thirty years. I'm now back with my parents again and she wishes to stay in the apartment and buy me out. What portion am I entitled to. Is it 50% of the equity after discharging the Bank of Ireland Mortgages home loan? I assume proper valuations are required but I would like ensure that I'm getting I am not being walked over
  • Can you tell me how to have a person removed from the deeds to a property where the home loan is with Bank of Ireland Mortgages
  • What are the average conveyancing fees are for a transfer of equity? I need to transfer equity and remortgage - new loan with Bank of Ireland Mortgages - and have been quoted £350 plus VAT by Bank of Ireland Mortgages's appointed lawyer, Have I been over quoted?

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

Please provide the details of those who jointly own the property with you?

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?

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

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

Who will be responsible for the costs of the Transfer of Equity?

We need you to supply the National Insurance Number(s) of all the new owners (required for submission of the Stamp Duty Land Tax Form)

Information to consider in further to the above Bank of Ireland Mortgages transfer of equity Questions and Answers :

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 conditions are not complied with you may be in violation 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 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 varies based on the valuation of the property at finalisation 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 lawyer 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.

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.


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