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Bank of Ireland Mortgages

Common questions relating to Bank of Ireland Mortgages transfer of equity

  • How much the typical conveyancing charges are for a transfer of equity? I need to transfer equity and refinance - moving over to Bank of Ireland Mortgages - and have been quoted Three Hundred pounds including VAT by Bank of Ireland Mortgages's appointed lawyer, Have I been over quoted?
  • My former husband are seeking to get a conveyancing solicitor in place for a new mortgage with Bank of Ireland Mortgages. Transfer of Equity conveyancing is also neededI have used the different rating based tools and the results are from all over UK. Do we need to instruct a lawyer local to us?
  • When it comes to transfer of equity conveyancing involving refinance with Bank of Ireland Mortgages should I be charged value added tax 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
  • Can you tell me how to have someone removed off the title documents to a property where the mortgage is with Bank of Ireland Mortgages
  • I already have a mortgage with Bank of Ireland Mortgages and am retaining my existing mortgaging but seeking to have it in my name only so my former wife won't be on it any longer. How long do Bank of Ireland Mortgages take to process the application?
  • Me and a friend got a joint mortgage with Bank of Ireland Mortgages on a apartment about a year ago. I am now looking to get a flat on my own and my friend would like to buy me out. Assuming we can agree an amount what are the next steps? Would there be any potential concerns with Bank of Ireland Mortgages with him being solely liable for the total loan rather than only half of it?
  • In 2009 I bought a flat without my partner's name on the deeds. My conveyancer claimed it is because she was not in the loan offer with Bank of Ireland Mortgages. Is it possible for me to put her name on the deeds?

Questions that your conveyancer may ask about your Bank of Ireland Mortgages Transfer of Equity

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?

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

Please list all persons who occupy the property, their respective ages and relationships to you.

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

If 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?

Please provide the name(s) and addresse(s) of anyone to be extracted from the title deeds?

Important warnings to consider in in addition to the above Bank of Ireland Mortgages transfer of equity Questions and Answers :

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 titles

Should the tenure of your property be leasehold, 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 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 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 lawyer 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 valuation 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 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 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