Common questions relating to Bank of Ireland Mortgages transfer of equity
- My mother passed away early last year leaving a mortgage-free house to me and my half brother equally. He has always lived in the property, there was a clause in the will saying the housecould not be sold for 24 months after her passing so he could reside there for a prescribed period. He now wishes to remain in the premises beyond the prescribed period. We have discussed a transfer of equity. Am I right in saying we should get a valuation then he'd get a home loan in the usual way to buy my share?
- I acquired a property with my brother five.seven years ago Since then, we have both got married. We are now seeking to do a transfer of equity so my name is taken off the Bank of Ireland Mortgages mortgage. There is a 40k difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
- I jointly own a apartment in Timperley
, with a Bank of Ireland Mortgages loan with my ex husband. Him and his fiance are going to acquire my share. We had approval from Bank of Ireland Mortgages to remove my name with hers. The transfer of equity needs to be done by a conveyancer for Bank of Ireland Mortgages (apparently). Is it possible for us to deal with the Land Registry change?
- I am led to believe we would need at least AP1 and Transfer Deed. Is this true?
- I am filling out a Bank of Ireland Mortgages transfer of equity request and have come to the part regarding debts etc. I do some debts that I have been discharging over a long period, in fact they no longer remain my credit records. Must I set these out?
- I am searching for an affordable conveyancing lawyer to assist in a transfer of equity and refinance with Bank of Ireland Mortgages. I want to avoid being ripped off and there are many conveyancing firms who do transfer of equity conveyancing to pick from...who's the best?
- I am in the process of refinancing my home in Heathfield
does my lawyer need to be on the Bank of Ireland Mortgages Conveyancing panel. The conveyancing also involves a transfer of equity.
Examples of questions in a conveyancer questionnaire relating to Bank of Ireland Mortgages Transfer of Equity
Where you are adding a person on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.
Please provide the details of anyone to be added to the title deeds?
We need you to supply the National Insurance Number(s) of all the new owners (required for submission of the SDLT Form)
Is it the case that one of the registered owners passed away? If so please provide us with a copy of the Death Certificate, Probate and a copy of the Will.
Please list all persons who occupy the property, their respective ages and relationships to you.
Please give the details of anyone to be extracted from the property title?
General Advice to read in in addition to the above Bank of Ireland Mortgages 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 Bank of Ireland Mortgages conveyancing panel and accountant before transferring equity.
Transfer of Equity Conveyancing for Leasehold properties
Should the tenure of your property be leasehold, provisions in the lease may require that you obtain the consent of the landlord. If such restrictions 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 Bank of Ireland Mortgages 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 Bank of Ireland Mortgages 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 Bank of Ireland Mortgages your property may be repossessed.
Preparing the Transfer of Equity with a Bank of Ireland Mortgages 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 Bank of Ireland Mortgages 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 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.
