Common questions relating to Bank of Ireland Mortgages transfer of equity
- Been reviewing online blogs that solicitors are more expensive than conveyancers for transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor where I am transferring equity and simultaneously refinancing with Bank of Ireland Mortgages
- Law month I split up with my partner of 18 years. I'm now back with my mum and dad and she wishes to stay in the property and pay me off. What portion do I get. Is it 50% of the equity after redeeming the Bank of Ireland Mortgages home loan? I assume proper valuations are necessary but I would like to be confident that I'm getting I am not being walked over
- I plan to refinance my maisonette in Crabtree
switching from Coventry BS to Bank of Ireland Mortgages. The flat is jointly owned but intend for it to be in my name only as and when I remortgage. My husband has agreed to this and is willing to sign a form but neither of us want to get a second conveyancing solicitor involved.
- What are the average solicitors costs are for a transfer of equity? I need to transfer equity and refinance - new loan with Bank of Ireland Mortgages - and have been quoted £250 excluding VAT by Bank of Ireland Mortgages's appointed conveyancer, Have I been over quoted?
- How do I go about adding or subtracting names (transfer of equity) to or from my Bank of Ireland Mortgages mortgage account?
- Having been four years separated I have opted to give up my share of the house to my husband who is re-mortgaging with Bank of Ireland Mortgages. Can a transfer of equity be done inside four weeks?
- My ex-partner and I are searching for a trustworthy conveyancing solicitor to assist in a transfer of equity and remortgage with Bank of Ireland Mortgages. I I am fearful of being overcharged and there are various conveyancing firms who do transfer of equity conveyancing out there...who's the best?
Sample of information requested in a conveyancing solicitor questionnaire concerning a Bank of Ireland Mortgages Transfer of Equity
Please list all persons who occupy the property, their respective ages and relationships to you.
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 give the details of anyone to be extracted from the property title?
Who will be responsible for the costs of the Transfer of Equity?
Is the transfer of equity subject to a court order? If yes please supply a copy
Where you 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?
Caveats to be read in in addition to the above Bank of Ireland Mortgages transfer of equity information :
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, the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of your covenants under 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 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 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 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.