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Bank of Ireland

Bank of Ireland transfer of equity example support desk enquires

  • When it comes to transfer of equity conveyancing involving a remortgage with Bank of Ireland should I be invoiced value added tax on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • Have recently split up with my ex of thirty years. I'm now living with my mum and dad and she wants to remain in the flat and pay me off. What percentage do I get. Is it half of the equity after discharging the Bank of Ireland home loan? I assume proper valuations are necessary but I would like to be sure that I'm getting what I am entitled to
  • My decree absolute is through as is the consent order. Now I must address the transfer of equity at the HMLR and the Bank of Ireland mortgage. I have contacted Bank of Ireland for the transfer of equity application. What are my next steps?
  • What are my options where I am dissatisfied with the conveyancer who handled our transfer of equity conveyancing?
  • I am considering mortgaging my apartment in Crabtree does my lawyer need to be on the Bank of Ireland Solicitor panel. The conveyancing also involves a transfer of equity.
  • How and when do I cover the costs of the Stamp Duty Land Tax payable for the transfer of equity in my house in my sole name which is taking place at the same time as a remortgage with Bank of Ireland?
  • Can I transfer the equity held in my property with my Bank of Ireland mortgage?

Sample of information requested in a lawyer form relating to Bank of Ireland Transfer of Equity

If 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?

We need you to provide the National Insurance Number(s) of all the new owners (required for completion of the Stamp Duty Land Tax Form)

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

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

Who will be responsible for the costs of 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.

Caveats to be read in supplemental the above Bank of Ireland transfer of equity Advice :

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 obtain the consent of the landlord. If such terms are not adhered to you may be in breach of the lease. This could trigger the freeholder taking enforcement action against you.

Indemnity Insurance

If the transfer of equity is made pursuant to 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 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 is dependent on the valuation of the property at the conclusion 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 conveyancer 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