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Frequently asked questions relating to Ulster Bank transfer of equity

  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with Ulster Bank?
  • Ulster Bank have today agreed I can take over the home loan on the flat. I had applied for a transfer of equity but presumably there is a transfer of ownership at the Land Registry as well?
  • My Ulster Bank home loan we jointly entered into with ex, who has agreed to come off the deeds and put the house in my name alone. Ulster Bank will permit the transfer of equity to my individual name. Will Ulster Bank get in touch with my company to verify my salary?
  • I purchased a property with a friend in 2008 Since buying the property, we have both got married. We are now seeking to do a transfer of equity so my name is taken off the Ulster Bank mortgage. There is a 40k difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
  • Online research suggests that solicitors are more expensive than conveyancers when it comes to transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor where I am transferring equity and at the same time switching mortgage with Ulster Bank
  • I already have a home loan with Ulster Bank and am maintaining my existing mortgaging but seeking to have it in my name only so my former wife will no longer be on the deeds. How long does the whole transfer of equity process take?
  • My ex are seeking to get a conveyancing solicitor lined up for a remortgage with Ulster Bank. Transfer of Equity conveyancing is also requiredI have used the different rating based services and the results are from all over UK. Is it important to have a lawyer local to us?

Information that may be required from your conveyancer may ask in relation to your Ulster Bank Transfer of Equity

We need you to supply the National Insurance Number(s) of all the new owners (required for completion of the Stamp Duty Land Tax Form)

Please list all persons who occupy the property, their respective ages and relationships to you.

Would you like us to prepare Declaration of Trust. If so are you happy to pay for the additional fee (beyond the Transfer of Equity fee)?

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

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

Has one of the registered proprietors died? If so please forward us with a copy of the Death Certificate, Probate and a copy of the Will.

Information to consider in in addition to the above Ulster Bank 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 Ulster Bank conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such conditions are not complied with you may be in breach 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 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 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 varies based 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 lawyer 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.


Frequently asked questions relating to Ulster Bank transfer of equity