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Ulster Bank

Recently asked questions relating to Ulster Bank transfer of equity

  • When it comes to transfer of equity conveyancing involving refinance with Ulster Bank should I be paying value added tax on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • Can you tell me how to have someone removed off the title documents to a property where the home loan is with Ulster Bank
  • Having been 3 years separated I have opted to give up my share of our flat to my husband who is refinancing with Ulster Bank. Could this transfer of equity be done in less than four weeks?
  • Two years ago I bought a house without my partner's name on the deeds. My conveyancing solicitor claimed it is due to the fact that she was not in the mortgage with Ulster Bank. Is it possible for me to put her name on the documents at HM Land Registry?
  • The mortgage broker has recommended their conveyancing solicitor for my Transfer of Equity plus remortgage with Ulster Bank - Surely it’s better to just instruct them?
  • Me and my partner co-own a flat in Dunnington . Home loan is with Ulster Bank. I wish to transfer full ownership to him with no payment of money but without using a conveyancing solicitor. Do you think this should be straightforward?
  • I am filling out a Ulster Bank transfer of equity request and have arrived at the part concerning defaults etc. I do some debts that I have been discharging over a long period, I understand that they no longer remain my credit rating. Must I set these out?

Questions that your conveyancer is likely to ask in relation to your Ulster Bank Transfer of Equity

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

Please let us know of you wish us to draw up a Declaration of Trust. If so are you happy to incur the further fee (beyond the Transfer of Equity fee)?

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?

Please give the details of anyone to be added to the property title?

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

Caveats to be read in supporting the above Ulster Bank transfer of equity Questions and Answers :

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 obtain the consent of the freeholder. 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 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 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 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 conveyancing solicitor 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 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