Examples of recent questions relating to Ulster Bank transfer of equity
- My Ulster Bank home loan we jointly entered into with ex, he is agreeable to be removed and put the house in my name alone. Ulster Bank have consented to the transfer of equity to me solely. Will Ulster Bank write my company to confirm my salary?
- I plan to remortgage my maisonette in Crabtree
changing from RBS to Ulster Bank. The apartment is jointly owned but I would like it to be in my name only when I transfer. My former partner is OK with this and is willing to sign a form but neither of us want to get a second lawyer involved.
- My decree absolute is through as is the consent order. Now I need to address the transfer of equity for the property and the Ulster Bank home loan. I have called Ulster Bank for the transfer of equity application. What are my next steps?
- Have recently separated from my ex of twenty years. I'm now back with my mum and dad and she wishes to remain in the property and buy me out. What portion do I get. Is it half of the equity after paying off the Ulster Bank home loan? I assume proper valuations are necessary but I really need to be confident that I'm getting the best deal
- I got divorced in 2010. For some reason I never dealt with the transfer ownership from both our names to my name alone. I now plan to deal with it and there are no objections. Transfer-of-equity is presumably the way forward. Ulster Bank is happy to transfer the full equity in my name (affordability checks done). Does my ex need any legal representation?
- I am in the process of removing a name from a joint mortgage and the Ulster Bank need me to use a conveyancer to carry out the conveyancing. Can you recommend a reasonably priced Friern Barnet
lawyer to deal with the transfer of equity? They need to be on the Ulster Bank conveyancing panel.
- Me and my partner co-own a property in Romsey
. Mortgage is with Ulster Bank. I want to transfer full ownership to him with no exchange of money but without using a conveyancing solicitor. Do you think this should be easy to so?
Questions that your lawyer is likely to ask regarding your Ulster Bank Transfer of Equity
Where you are adding someone on to the property how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.
Please give the details of anyone to be removed from the title deeds?
If 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?
Who will be responsible for the costs of the Transfer of Equity?
Have you approached Ulster Bank to seek consent to the Transfer of Equity
We need you to supply the National Insurance Number(s) of all the new owners (required for completion of the SDLT Form)
Information to consider in supplemental the above Ulster Bank transfer of equity Info :
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
If your property is 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 freeholder. If such terms are not adhered to you may be in breach of your covenants under the lease. This could potentially result in the freeholder taking enforcement action against you.
If the transfer of equity is made pursuant to an Order of the Court, then Insolvency Indemnity Insurance is not required. In other situations, 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 varies based on the valuation 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 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.
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.