Examples of recent questions relating to Bank of Ireland Mortgages transfer of equity
- My Bank of Ireland Mortgages mortgage is in joint names with ex, he has agreed to be removed and let me have the property. Bank of Ireland Mortgages will permit the transfer of equity to my individual name. Will Bank of Ireland Mortgages get in touch with my company to confirm my salary?
- Is it possible to transfer the equity held in my property with my Bank of Ireland Mortgages home loan?
- What do I need to do when it comes adding or removing names (transfer of equity) to or from my Bank of Ireland Mortgages mortgage account?
- I got my Decree Absolute two years ago. I simply never got around to change the ownership from both our names to my name alone. I am ready to do that and so is she. Transfer-of-equity is needed. Bank of Ireland Mortgages is content to transfer the property and loan in my name (financial checks done). Does my ex need a lawyer?
- My former wife are planning to get a lawyer lined up for a remortgage with Bank of Ireland Mortgages. Transfer of Equity conveyancing is also neededI have used the different rating based websites and the results are from all over the country. How necessary is it to have a lawyer local to us?
- How much the typical solicitors costs are for a transfer of equity? I'm in the process of remortgaging - moving over to Bank of Ireland Mortgages - and have been quoted £350 excluding VAT by Bank of Ireland Mortgages's approved conveyancer, Is this a reasonable price?
- I am selling my share of a apartment in Birmingham to my co-owners fiance, they are sticking with Bank of Ireland Mortgages being the the existing lender. We are haggling as to who should cover the charges for the transfer of equity. Is this usually shared or is one party liable for the fees for?
Examples of questions in a conveyancing solicitor form concerning a Bank of Ireland Mortgages Transfer of Equity
Will there be any payment between the parties for the Transfer of Equity? If so, please state the amount and who is to receive the same
Please provide the name(s) and addresse(s) of those who jointly own the property with you?
Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?
Please provide a copy of your National Insurance Number?
Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you
Is it the case that one of the registered owners passed away? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..
Caveats to be read in conjunction with the above Bank of Ireland Mortgages transfer of equity Advice :
Tax and Legal
There are numerous potential 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, provisions in the lease may require that you obtain the consent of the landlord. If such conditions are not complied with you may be in breach of your covenants under the lease. This could potentially result in the freeholder taking enforcement action against you.
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 is dependent on the market value of the property at finalisation of the transfer of equity transaction.
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 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.