Questions and answers: Bank of Ireland Mortgages transfer of equity

• How do I go about adding or subtracting names (transfer of equity) to or from my Bank of Ireland Mortgages mortgage account?
• My former husband are looking to get a conveyancer in place for a new mortgage with Bank of Ireland Mortgages. Transfer of Equity conveyancing is also neededI have used the different comparison based tools and the results are from all over UK. How necessary is it to have a conveyancer local to us?
• At what point do I pay the Stamp Duty Land Tax chargeable for the transfer of equity in my house in my sole name which is taking place simultaneously with a refinancing with Bank of Ireland Mortgages?
• What do I do if I am unhappy with the conveyancer who conducted my transfer of equity conveyancing?
• My Bank of Ireland Mortgages mortgage we jointly entered into with ex, who is agreeable to come off the mortgage and put the house in my name alone. Bank of Ireland Mortgages have consented to the transfer of equity to my individual name. Do Bank of Ireland Mortgages get in touch with my company to confirm my salary?
• I got divorced four years ago. I simply never got around to transfer ownership from both our names to my name alone. I am ready to do that and so is she. Transfer-of-equity is presumably the way forward. Bank of Ireland Mortgages is willing to transfer the full equity in my name (financial checks done). Does my ex need any legal representation?
• I already have a home loan with Bank of Ireland Mortgages and am maintaining my current mortgaging but applying to have have the equity transferred to my name alone so my ex will be removed from the title. How long do Bank of Ireland Mortgages take to deal with the application?

Examples of information requested in a lawyer questionnaire relating to Bank of Ireland Mortgages Transfer of Equity

Caveats to be read in further to the above Bank of Ireland Mortgages transfer of equity Advice :

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 titles

Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you have a license to do so from the landlord. If such conditions are not strictly observed 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 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 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.

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 lawyer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Information provided 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.