Examples of recent questions relating to Bank of Ireland transfer of equity
- Been looking at consumer blogs that solicitors are more expensive than conveyancers when it comes to transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor where I need to be transferring equity and at the same time refinancing with Bank of Ireland
- What are my options where I am not happy with the conveyancing solicitor who undertook our transfer of equity conveyancing?
- My father passed away early last year leaving a mortgage-free house to me and my step brother 50:50. Having continues to reside at the premises, there was a condition in the will saying the propertycould not be sold for three years following her passing so he could continue to live there for a specified time frame. He now wants to remain in the premises beyond the specified period. We have considered a transfer of equity. Would I be right in thinking that we'd get a valuation then he'd get a home loan in the traditional way to purchase my share?
- Is there such a thing a transfer of equity stamp duty calculator?
- My ex are seeking to get a lawyer in place for a refinance with Bank of Ireland. Transfer of Equity conveyancing is also neededI have used the different comparison based tools and the results are from all over England and Wales. Is it important to have a conveyancer local to us?
- Our financial adviser has recommended their conveyancer for the Transfer of Equity plus remortgage with Bank of Ireland - Is it not simpler easier to just use them?
- I own a flat in Littleborough
, with a Bank of Ireland mortgage with my former husband. He and his new partner are going to buy me out. We had approval from Bank of Ireland to substitute my name with hers. The transfer of equity needs to be completed by a lawyer for Bank of Ireland (supposedly). Is it possible for us to deal with the Land Registry change?
Examples of information requested in a conveyancing solicitor form relating to Bank of Ireland Transfer of Equity
Please give the name(s) and addresse(s) of anyone to be removed from the title deeds?
Please clarify if you are making any payment for the Transfer of Equity and to whom and specify the amount?
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.
Please give 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?
Have you approached Bank of Ireland to seek consent to the Transfer of Equity
Important warnings to consider in in addition to the above Bank of Ireland transfer of equity information :
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 properties
Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and 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 pursuant to 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 conveyancing solicitor 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 the time of completion 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 conveyancing solicitor 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 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.