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

• I already have a mortgage with Bank of Ireland and am maintaining my current mortgaging but wish to have it in my sole name so my ex won't be on it any longer. How long do Bank of Ireland take to deal with the application?
• I am searching for an affordable conveyancing lawyer to assist in a transfer of equity and refinance with Bank of Ireland. I want to avoid being ripped off and there are lots of conveyancing firms who do transfer of equity conveyancing to choose from...who do I opt for?
• What are my options where I am unhappy with the lawyer who did our transfer of equity conveyancing?
• I acquired a flat with my brother six years ago Since then, we have both got married. We are now intending 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 of Ireland hold and what the property would sell for currently. Can you offer any advice?
• My divorce is through as is the consent order. Now I must address the transfer of equity for the property and the Bank of Ireland mortgage. I have asked Bank of Ireland for the transfer of equity application. What happens next?
• Been looking at consumer forums that solicitors are more expensive than licensed conveyancers for transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor if I need to be transferring equity and at the same time remortgaging with Bank of Ireland
• My mortgage broker has suggested using their conveyancing solicitor for the Transfer of Equity plus remortgage with Bank of Ireland - Is it not simpler advisable to just use them?

Questions that your conveyancer may ask about your Bank of Ireland Transfer of Equity

Caveats to be read 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 premises

If your property is leasehold, the lease may have a requirement for notices to be served and that you have a license to do so from the landlord. If such conditions are not strictly observed you may be in breach of the lease. This could potentially result in 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 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 valuation of the property at the time of completion of the transfer of equity conveyancing.

Preparing the Transfer of Equity with a Bank of Ireland Mortgage

When it comes to preparing the the Land Registry documents your lawyer 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 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. Lender Panel.com Ltd will not be liable for any direct or indirect loss or damage arising out of or in connection with the use of this information.