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

• When it comes to transfer of equity conveyancing involving a remortgage with Bank of Ireland Mortgages should I be paying VAT on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
• The financial adviser has suggested using their conveyancing solicitor for the Transfer of Equity plus remortgage with Bank of Ireland Mortgages - Surely it’s better to just use them?
• I plan to refinance my maisonette in Blaenavon changing from Yorkshire Building Society to Bank of Ireland Mortgages. The home is currently in joint names but I would like it to be in my name only as and when I switch. My wife has agreed to this and is willing to sign a form but neither of us want to incur conveyancing solicitor fees.
• I am disposing of my share of a flat in Woodside to my co-owners husband, they are reapplying to Bank of Ireland Mortgages. We are in heated discussion as to who should pay the charges for the transfer of equity. Is this normally shared or is one of us obliged to cover the legal bill?
• Online reading suggests that solicitors are more expensive than licensed conveyancers when it comes to transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor where I need to be transferring equity and at the same time switching mortgage with Bank of Ireland Mortgages
• Is there such a thing a transfer of equity stamp duty calculator?
• My ex-partner and I are in the market for a responsive conveyancing solicitor to assist in a transfer of equity and refinance with Bank of Ireland Mortgages. I I am fearful of appointing the wrong one and there's plenty conveyancing solicitors who do transfer of equity conveyancing out there...how do I know which one to select?

Information that may be required from your lawyer may ask regarding your Bank of Ireland Mortgages Transfer of Equity

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 properties

Should the tenure of your property be leasehold, provisions in the lease may require that you have a license to do so from the freeholder. If such terms are not adhered to you may be in violation of your covenants under the lease. This could trigger 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 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 conveyancing solicitor 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 market value of the property at the time of completion of the transfer of equity transaction.

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 lawyer 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 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.