Sample questions relating to Ulster Bank transfer of equity

• What should I be budgeting for when it comes to what conveyancing fees are for a transfer of equity? I'm in the process of remortgaging - moving over to Ulster Bank - and have been quoted £250 plus VAT by Ulster Bank's appointed conveyancer, Have I been over quoted?
• I jointly own a house in Romsey , with a Ulster Bank mortgage with my ex partner. Him and his fiance are going to buy me out. We had consent from Ulster Bank to remove my name with hers. The transfer of equity needs to be completed by a conveyancer for Ulster Bank (supposedly). Can we do the Land Registry change?
• What can I do where I am dissatisfied with the conveyancer who carried out our transfer of equity transaction?
• Me and my former partner and I are searching for a dependable conveyancing solicitor to assist in a transfer of equity and remortgage with Ulster Bank. I I am fearful of by bill escalating out of control but with various conveyancing organisations who do transfer of equity conveyancing to choose from...who do I opt for?
• My Ulster Bank mortgage we jointly entered into with ex, who has agreed to be removed and let me have the property. Ulster Bank have consented to the transfer of equity to my individual name. Will Ulster Bank get in touch with my employer to verify my salary?
• Do I need legal advice when doing a transfer of equity where the home loan is to remain with Ulster Bank?
• I plan to refinance my apartment in Dunnington moving from Nationwide to Ulster Bank. The maisonette is currently in joint names but I would like it to be in my sole name once I transfer. My wife has agreed to this and is happy to transfer equity but neither of us want to incur lawyer fees.

Sample of questions in a lawyer form relating to Ulster Bank Transfer of Equity

Important warnings to consider in supporting 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, the lease may have a requirement for notices to be served and that you have a license to do so from the freeholder. If such conditions are not strictly observed you may be in violation 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 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 time of completion of the transfer of equity conveyancing.

Preparing the Transfer of Equity with a Ulster Bank Mortgage

When it comes to preparing the the Land Registry documents your conveyancing solicitor 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.

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.