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Are you in need of a Transfer of Equity with a Bank of Ireland (UK) plc mortgage? Failing to check that a lawyer is on the Bank of Ireland (UK) plc 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.

Sample questions relating to Bank of Ireland transfer of equity

  • What if my application doesn't meet Bank of Ireland lending criteria for a transfer of equity?
  • What legal advice do I need when doing a transfer of equity where the home loan is to remain with Bank of Ireland?
  • I recently purchased a house without my partner's name on the title. My conveyancer said it is due to the fact that she is not in the mortgage with Bank of Ireland. I'm wondering is there any way that I can put her name on the title?
  • My divorce is through as is the consent order. Now I must address the transfer of equity on title deeds and the Bank of Ireland mortgage. I have contacted Bank of Ireland for the transfer of equity forms. What are my next steps?
  • My financial adviser has recommended their conveyancer for our Transfer of Equity plus remortgage with Bank of Ireland - Surely it’s advisable to just use them?
  • At what point do I pay stamp duty payable for the transfer of equity in my house in my name alone which is taking place simultaneously with a refinancing with Bank of Ireland?
  • Can I transfer the equity held in my property with my Bank of Ireland mortgage?

Sample of questions in a conveyancer questionnaire concerning a Bank of Ireland Transfer of Equity

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

Please give the details of anyone to be extracted from the title deeds?

Please give the details of anyone who jointly owns the property with you?

Please provide a copy of your National Insurance Number?

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

Who will be responsible for the costs of the Transfer of Equity?

Information to consider in supporting the above Bank of Ireland 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 conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

If your property is leasehold, provisions in the lease may require that you have a license to do so from the freeholder. If such conditions are not complied with 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 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 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 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.

Preparing the Transfer of Equity with a Bank of Ireland 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 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 transfer of equity