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Bank of Ireland Mortgages

Bank of Ireland Mortgages transfer of equity example support desk enquires

  • How and when 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 switching mortgage with Bank of Ireland Mortgages?
  • I already have a home loan with Bank of Ireland Mortgages and am retaining my current mortgaging but wish to have it in my sole name so my ex won't be on it any longer. How long do Bank of Ireland Mortgages take to process the application?
  • I jointly own a flat in Ampthill , with a Bank of Ireland Mortgages loan with my former partner. Him and his fiance are going to buy me out. We had the go ahead from Bank of Ireland Mortgages to remove my name with hers. The transfer of equity has to be done by a lawyer for Bank of Ireland Mortgages (supposedly). Can we do the Land Registry formalities?
  • My Bank of Ireland Mortgages mortgage is in joint names with ex, he has agreed to be removed and put the house in my name alone. Bank of Ireland Mortgages have consented to the transfer of equity to me solely. Will Bank of Ireland Mortgages write my employer to confirm my salary?
  • My mother died half a year ago leaving a unencumbered property to me and my half brother equally. He has always lived in the premises, there was a condition in her will saying the propertycould not be sold for three years after her passing so he could continue to live there for a specified time frame. He now says he would like to remain in the property beyond the prescribed period. We have discussed a transfer of equity. Would I be right in thinking that we'd get a valuation then he'd get a mortgage in the usual way to purchase my half from me?
  • Law month I split up with my wife of thirty years. I'm now living with my parents again and she wants to stay in the apartment and pay me off. What percentage am I entitled to. 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 ensure that I'm getting what I am entitled to
  • My former wife are looking to get a conveyancing solicitor in place for a new mortgage with Bank of Ireland Mortgages. Transfer of Equity conveyancing is also necessaryI have used the different rating based websites and the results are from all over UK. Is it important to instruct a conveyancing solicitor local to us?

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

Is it the case that one of the registered proprietors died? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..

Will there be any payment between the parties for the Transfer of Equity? If so, please state the amount and who is to receive what figure

Is the transfer of equity subject to a court order? If yes please supply a copy

Please provide the details of anyone to be added to the property title?

Has consent been obtained from Bank of Ireland Mortgages to the proposed transfer of equity?

Please provide the name(s) and addresse(s) of anyone who jointly owns the premises with you?

Information to consider in conjunction with 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 properties

If your property is 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 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 is dependent on the market value of the property at finalisation 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 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.


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