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Are you in need of a Transfer of Equity with a Bank of Ireland as Bank of Ireland Mortgages mortgage? Failing to check that a lawyer is on the Bank of Ireland as Bank of Ireland Mortgages list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Bank of Ireland Mortgages transfer of equity example support desk enquires

  • Bank of Ireland Mortgages have just agreed I can take over the mortgage on my home. I previously applied for a transfer of equity but is this a transfer of ownership of the house as well?
  • Is it sensible to cancel the direct debit for my mortgage with Bank of Ireland Mortgages as soon as a date for my remortgage and transfer of equity has been agreed?
  • Having been four years apart I have decided to transfer my share of our apartment to my husband who is refinancing with Bank of Ireland Mortgages. Can a transfer of equity be done in four weeks?
  • What if my application doesn't meet Bank of Ireland Mortgages lending criteria for a transfer of equity?
  • I understand we would need at least AP1 and Transfer Deed. Is this true?
  • I am completing a Bank of Ireland Mortgages transfer of equity form and have arrived at the section concerning defaults etc. There are some debts that I have been discharging for a number of years, I understand that they no longer remain my credit records. Do I need to set these out?
  • My mum passed away half a year ago leaving a unencumbered bungalow to me and my half brother 50:50. He has always lived in the premises, there was a provision in her will saying the propertycould not be sold for three years after her passing so he could continue to live there for a while. He now says he would like to remain in the house beyond the specified period. We have discussed a transfer of equity. Would I be right in thinking that we should get a valuation then he'd get a home loan in the conventional way to purchase my equity?

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

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been completed?

Please give the details of anyone who jointly owns the property with you?

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

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

Please give the details of anyone to be extracted from the property title?

Have you approached Bank of Ireland Mortgages to obtain consent to the Transfer of Equity

Important warnings to consider in supplemental 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 premises

Should the tenure of your property be leasehold, provisions in 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 violation of 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 market value of the property at the time of completion of the transfer of equity conveyancing.
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 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 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