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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.

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

  • How much the typical legal charges are for a transfer of equity? I need to transfer equity and refinance - new loan with Bank of Ireland Mortgages - and have been quoted £250 excluding VAT by Bank of Ireland Mortgages's approved conveyancing solicitor, Is this a reasonable price?
  • I currently have a joint Bank of Ireland Mortgages mortgage with my step-brother and am looking into the possibility of him assuming responsibility for the outstanding mortgage and removing myself from it, so as to enable me to buy a property with my soon-to-be-wife. The outstanding mortgage is in the region 200k, and the property value is about 600k. Is this a transfer of equity? Is land tax payable?
  • My friend and I got a joint mortgage with Bank of Ireland Mortgages on a flat about a year ago. I am now looking to get a house by myself and my friend would like to buy me out. On the basis that we can settle on an amount where do we go? Would there be any potential problem with Bank of Ireland Mortgages with him being solely liable for the total mortgage rather than only half of it?
  • 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?
  • Our mortgage broker has suggested using their conveyancing solicitor for the Transfer of Equity plus remortgage with Bank of Ireland Mortgages - won’t it be easier to just use them?
  • Do I need legal representation when doing a transfer of equity where the home loan is to remain with Bank of Ireland Mortgages?
  • My Bank of Ireland Mortgages home loan is in joint names with ex, who is agreeable to be removed and let me have the property. Bank of Ireland Mortgages have consented to the transfer of equity to my individual name. Will Bank of Ireland Mortgages get in touch with my company to check my salary?

Examples of questions in a conveyancer questionnaire concerning a Bank of Ireland Mortgages Transfer of Equity

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

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

We need you to supply the National Insurance Number(s) of all the new owners (required for submission of the Stamp Duty Land Tax Form)

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

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

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

Caveats to be read in conjunction with 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 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 freeholder. If such restrictions are not strictly observed 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 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 varies based on the market value 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 conveyancer 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