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Frequently asked questions relating to Ulster Bank transfer of equity

  • Is it possible to apply to borrow a further advance from Ulster Bank as part of a Transfer of Equity?
  • What are my options where I am unhappy with the lawyer who handled my transfer of equity conveyancing?
  • I already have a mortgage with Ulster Bank and am maintaining my existing mortgaging but applying to have have the equity transferred to my sole name so my ex will no longer be on the mortgage. How long do Ulster Bank take to process the application?
  • I am trying to find a lawyer to deal with my transfer of equity. Ulster Bank have been approached for a refinancing. I thought of asking my financial adviser. I understand he may get a kickback for suggesting a firm, but also of benefit will be that he knows the conveyancer, has a working relationship with them. Any flaws you see in this way of thinking?
  • My Ulster Bank home loan is in joint names with ex, who is agreeable to be removed and put the house in my name alone. Ulster Bank have consented to the transfer of equity to my individual name. Do Ulster Bank get in touch with my company to confirm my salary?
  • I am under the impression we would need at least AP1 and Transfer Deed. Is this true?
  • I am planning on removing a name from a joint mortgage and the Ulster Bank need me to use a lawyer to carry out the paperwork. Can you recommend a reasonably priced Miles Platting conveyancer to deal with the transfer of equity? They need to be on the Ulster Bank conveyancing panel.

Questions that your conveyancing solicitor could ask in relation to your Ulster Bank Transfer of Equity

Is it the case that one of the registered owners died? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..

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

Please provide the details of anyone to be extracted from the title deeds?

If you are adding a person on to the property how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

Is the transfer of equity subject to a court order? If yes please supply a copy

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?

Caveats to be read in supporting the above Ulster Bank 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 Ulster Bank conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

Should the tenure of your property be leasehold, provisions in the lease may require that you have a license to do so from the landlord. If such conditions are not complied with you may be in violation of your covenants under the lease. This could potentially result in the freeholder taking enforcement action against you.

Indemnity Insurance

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 conveyancer will check with Ulster Bank 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 Ulster Bank 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 Ulster Bank your property may be repossessed.

Preparing the Transfer of Equity with a Ulster Bank 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 Ulster Bank 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.


Frequently asked questions relating to Ulster Bank transfer of equity