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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.

Examples of recent questions relating to Bank of Ireland transfer of equity

  • Is it possible to transfer the equity held in my property with my Bank of Ireland mortgage?
  • My dad died early last year leaving a loan-free bungalow to me and my brother 50:50. He has always lived in the property, there was a condition in her will specifying that the propertycould not be sold for three years after her death so he could continue to live there for a prescribed period. He now wants to remain in the house beyond the prescribed period. We have considered a transfer of equity. Am I right in saying we should get a valuation then he'd get a home loan in the conventional way to purchase my equity?
  • Bank of Ireland have just agreed I can take over the mortgage on my home. I previously applied for a transfer of equity but presumably there is a transfer of ownership of the house as well?
  • What do I need to do when it comes adding or removing names (transfer of equity) to or from my Bank of Ireland mortgage account?
  • Is it possible to apply to borrow a further advance from Bank of Ireland as part of a Transfer of Equity?
  • My current home loan is with Bank of Ireland. Can I transfer equity to someone less than 18 years old?
  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with Bank of Ireland?

Information that may be required from your conveyancing solicitor may ask about your Bank of Ireland Transfer of Equity

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?

Please list all persons who occupy the property, their respective ages and relationships to you.

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

Have you approached Bank of Ireland to obtain consent to the Transfer of Equity

If 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.

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

Caveats to be read in supporting the above Bank of Ireland transfer of equity Info :

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 premises

If your property is leasehold, provisions in the lease may have a requirement for notices to be served and that you have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in violation of your covenants under 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 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 conveyancing.
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 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 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