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Are you in need of a Transfer of Equity with a Ulster Bank Ltd mortgage? Failing to check that a lawyer is on the Ulster Bank Ltd list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Sample questions relating to Ulster Bank transfer of equity

  • Have recently separated from my wife of twenty years. I'm now living with my mum and dad and she wants to stay in the apartment and pay me off. What portion do I get. Is it 50% of the equity after discharging the Ulster Bank home loan? I assume proper valuations are required but I really need to be confident that I'm getting the best deal
  • What do I do if I am not happy with the lawyer who handled my transfer of equity transaction?
  • Is it possible to apply to borrow more money from Ulster Bank as part of a Transfer of Equity?
  • I am transferring my equity in apartment in Hendon to my co-owners husband, they are sticking with Ulster Bank as the the existing lender. We are debating as to who must pay the charges for the transfer of equity. Is this normally shared or is one of us liable for the charges for?
  • My former wife are looking to get a lawyer lined up for a remortgage with Ulster Bank. Transfer of Equity conveyancing is also requiredI have used the different comparison based websites and the results are from all over England and Wales. Is it important to appoint a conveyancer local to us?
  • Can you tell me how to have someone removed from the deeds to a house if the home loan is with Ulster Bank
  • I own a house in Witham , with a Ulster Bank loan with my former partner. Him and his fiance are going to buy me out. We had approval from Ulster Bank to remove my name with hers. The transfer of equity needs to be done by a conveyancing solicitor for Ulster Bank (supposedly). In order to save fees can I deal with the Land Registry change?

Sample of questions in a conveyancing solicitor form concerning a Ulster Bank Transfer of Equity

Can you provide the name(s) and addresse(s) of anyone who jointly owns the property with you?

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

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

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

Where you are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Would you like us to prepare Declaration of Trust. If so are you willing to incur the further fee (beyond the Transfer of Equity fee)?

General Advice to read in in addition to the above Ulster Bank 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 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 have a license to do so from the landlord. If such restrictions are not strictly observed 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 lawyer 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 market value of the property at finalisation of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Ulster Bank.

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 contained within 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