Recently asked questions relating to Bank of Ireland transfer of equity

• Will I incur any charges for a Transfer of Equity where the existing home loan is with Bank of Ireland?
• Me and a friend got a joint mortgage with Bank of Ireland on a flat a couple of years ago. I am now thinking of buying a property on my own and my friend would like to buy me out. On the basis that we can settle on an amount what are the next steps? Is there likely to be any problem with Bank of Ireland with him being on the hook for the total loan rather than only half of it?
• I intend to remortgage my flat in Winchelsea moving from Skipton to Bank of Ireland. The apartment is currently in joint names but propose for it to be in my sole name as and when I remortgage. My husband has agreed to this and is happy to transfer equity but neither of us want to get a second conveyancing solicitor involved.
• Can you tell me how to have someone removed from the title documents to a house if the mortgage is with Bank of Ireland
• Is there such a thing a transfer of equity stamp duty calculator?
• What do I do if I am dissatisfied with the lawyer who did my transfer of equity conveyancing?
• My decree absolute is through as is the consent order. Now I must sort out the transfer of equity on title deeds and the Bank of Ireland home loan. I have called Bank of Ireland for the transfer of equity application. What happens next?

Questions that your conveyancer could ask regarding your Bank of Ireland Transfer of Equity

Important warnings to consider in in addition to the above Bank of Ireland transfer of equity Questions and Answers :

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

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 landlord. If such terms are not adhered to you may be in breach 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 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 varies based on the market value of the property at the conclusion 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 conveyancer 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.