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Bank of Ireland

Bank of Ireland transfer of equity example support desk enquires

  • I am led to believe we would need at least AP1 and TR1. Is this true?
  • My Bank of Ireland mortgage is in joint names with ex, he is agreeable to come off the mortgage and put the house in my name alone. Bank of Ireland will permit the transfer of equity to me solely. Do Bank of Ireland contact my company to confirm my salary?
  • I am in the process of remortgaging my home in Miles Platting does my lawyer need to be on the Bank of Ireland Conveyancing panel. The conveyancing also involves a transfer of equity.
  • I own a house in Dunnington , with a Bank of Ireland mortgage with my ex partner. Him and his new partner are going to acquire my share. We had the go ahead from Bank of Ireland to substitute my name with hers. The transfer of equity has to be done by a conveyancer for Bank of Ireland (apparently). Can we do the Land Registry change?
  • I already have a home loan with Bank of Ireland and am keeping my current mortgaging but wish to have it in my sole name so my former partner will no longer be on the title. How long can it take for the application to be processed?
  • Can you tell me how to have a person removed from the title documents to a property if the mortgage is with Bank of Ireland
  • My existing mortgage is with Bank of Ireland. Can I transfer equity to someone less than 18 years old?

Information that may be required from your conveyancer could ask about your Bank of Ireland Transfer of Equity

Who will be responsible for the costs of the Transfer of Equity?

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

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

Can you provide the details of those who jointly own the property with you?

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 name(s) and addresse(s) of anyone to be added to the property title?

General Advice to read in conjunction with 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 titles

If your property is leasehold, provisions in the lease may require that you obtain the consent of 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 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Bank of Ireland.

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 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.


Frequently asked questions relating to Bank of Ireland transfer of equity