Bank of Ireland transfer of equity: q and a’s
- Me and my partner jointly own a property in Witham
. Mortgage is with Bank of Ireland. I wish to transfer full ownership to him with no payment of money but without using a lawyer. Is this likely to be easy to so?
- I co-own a flat in Crabtree
, with a Bank of Ireland mortgage with my ex partner. He and his new partner are going to acquire my share. We had approval from Bank of Ireland to replace my name with hers. The transfer of equity has to be done by a conveyancing solicitor for Bank of Ireland (apparently). Can we do the Land Registry change?
- Is there such a thing a transfer of equity stamp duty calculator?
- I intend to refinance my apartment in Sedgefield
switching from Yorkshire Building Society to Bank of Ireland. The flat is jointly owned but wish for it to be in my name only when I switch. My former partner is OK with this and is willing to sign a form but neither of us want to get a second conveyancing solicitor involved.
- How and when do I incur the Stamp Duty Land Tax payable for the transfer of equity in my house in my sole name which is happening at the same time as a refinancing via Bank of Ireland?
- My current mortgage is with Bank of Ireland. Can I transfer equity to someone under eighteen years old?
- My ex-wife and I are searching for a trustworthy conveyancing lawyer to help me sell in a transfer of equity and remortgage with Bank of Ireland. I I am concerned about by bill escalating out of control but with plenty conveyancing solicitors who do transfer of equity conveyancing out there...how do I know which one to appoint?
Information that may be required from your conveyancing solicitor could ask regarding your Bank of Ireland Transfer of Equity
Who will be responsible for the costs of the Transfer of Equity?
Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?
Please inform us if you are providing any payment for the Transfer of Equity and to whom and specify any such sums?
Has consent been obtained from Bank of Ireland to the proposed transfer of equity?
Please give the details of anyone to be removed from the title deeds?
Please give the details of those who jointly own the property with you?
Caveats to be read in in addition to 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 titles
Should the tenure of your property be leasehold, 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 violation of the lease. This could potentially result in the freeholder taking enforcement action against you.
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 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 lawyer 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 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 conveyancing solicitor should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.
Content 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.