LenderPanel.com

Find a Law Firm approved by
Bank of Ireland

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.

Common questions relating to Bank of Ireland transfer of equity

  • I acquired a house with a friend in 2008 Since then, we have both got married. We are now looking to do a transfer of equity so my name is taken off the Bank of Ireland mortgage. There is a significant difference between the value the bank hold and what the property would sell for currently. Can you offer any advice?
  • The mortgage broker has recommended their lawyer for my Transfer of Equity plus remortgage with Bank of Ireland - Is it not simpler advisable to just use them?
  • I am trying to find a conveyancer to undertake my transfer of equity. Bank of Ireland are dealing with the remortgage. I thought of asking my mortgage broker. I am lead to believe he will likely receive a referral fee for recommending someone, but also of benefit will be that he knows the conveyancing solicitor, has a working relationship with them. Any flaws you see in this way of thinking?
  • Is it possible to apply to request a further advance from Bank of Ireland as part of a Transfer of Equity?
  • As things stand I have a joint Bank of Ireland mortgage with my step-brother and am looking into the option of him assuming responsibility for the outstanding mortgage and subtracting myself from it, so as to enable me to buy a property with my partner. The outstanding mortgage is approx 175k, and the property value is approx 600k. Is this a transfer of equity? Is stamp duty payable?
  • Last year bought a property without my fiance’s name on the title documents. My lawyer said it is because she is not in the loan offer with Bank of Ireland. Is it possible for me to put her name on the title?
  • Do I need legal advice when doing a transfer of equity where the home loan is to remain with Bank of Ireland?

Sample of information requested in a conveyancing solicitor questionnaire relating to Bank of Ireland Transfer of Equity

Where you are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Where you are adding someone on to the property how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

Please let us know of you wish us to draw up a Declaration of Trust. If so are you happy to incur the further fee (beyond the Transfer of Equity fee)?

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

Has 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..

Please give the name(s) and addresse(s) of anyone who jointly owns the property with you?

Information to consider in supporting the above Bank of Ireland transfer of equity Info :

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 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 require that you have a license to do so from the landlord. If such terms are not adhered to 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 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 valuation of the property at finalisation of the transfer of equity transaction.
If you do not keep up the payments on your mortgage with Bank of Ireland your property may be repossessed.

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 contained within 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