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Bank of Ireland Mortgages

Questions and answers: Bank of Ireland Mortgages transfer of equity

  • After four years estranged I have opted to relinquish up my share of the house to my husband who is re-mortgaging with Bank of Ireland Mortgages. Could this transfer of equity be completed in less than one month?
  • What if my application doesn't meet Bank of Ireland Mortgages lending criteria for a transfer of equity?
  • Can you tell me how to have a person removed from the title documents to a house where the home loan is with Bank of Ireland Mortgages
  • What is the process for adding or subtracting names (transfer of equity) to or from my Bank of Ireland Mortgages mortgage account?
  • I am thinking of remortgaging my property in Rye does my lawyer need to be on the Bank of Ireland Mortgages Solicitor panel. The conveyancing also involves a transfer of equity.
  • My dad passed away half a year ago leaving a unencumbered house to me and my half brother in equal shared. Having continues to reside at the premises, there was a clause in the will saying the housecould not be sold for 24 months following her death so he could reside there for a while. He now wishes to remain in the house beyond the specified period. We have considered a transfer of equity. Am I right in saying we'd get a valuation then he'd get a home loan in the conventional way to purchase my half from me?
  • Me and a friend got a joint mortgage with Bank of Ireland Mortgages on a house a couple of years ago. I am now looking to get a property on my own and my friend would like to buy me out. Once we have agreed a figure what happens next? Is there likely to be any concerns with Bank of Ireland Mortgages with him being on the hook for the total mortgage rather than only part of it?

Questions that your conveyancing solicitor could ask about your Bank of Ireland Mortgages Transfer of Equity

Please provide the name(s) and addresse(s) of anyone to be added to the property title?

Where you are adding a person on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

We need you to provide the National Insurance Number(s) of all the new owners (required for completion of the SDLT Form)

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?

Is it the case that one of the registered owners passed away? If so please supply us with a copy of the Death Certificate, Probate and a copy of the Will.

Can you provide the name(s) and addresse(s) of those who jointly own the premises with you?

Important warnings to consider in in addition to the above Bank of Ireland Mortgages transfer of equity Advice :

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

If your property is leasehold, 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 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 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 varies based on the valuation of the property at the time of completion 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 provided on 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