Sample questions relating to Bank of Ireland transfer of equity

• I am trying to find a lawyer to deal with my transfer of equity. Bank of Ireland are dealing with the remortgage. I thought of asking my mortgage broker. I understand he will likely get a referral fee for suggesting someone, but also of benefit will be that he knows the conveyancer, has a working relationship with them. Is my logic correct?
• My partner and I co-own a house in Littleborough . Home loan is with Bank of Ireland. I wish to transfer full ownership to him with no payment of money but without using a lawyer. Do you think this should be simple?
• Can I transfer the equity held in my property with my Bank of Ireland mortgage?
• I am answering a Bank of Ireland transfer of equity request and have arrived at the part concerning debts etc. There are some debts that I have been discharging since 2008, I understand that they no longer remain my credit rating. Am I obliged to reveal these?
• I co-own a property in Winchelsea , with a Bank of Ireland mortgage with my ex partner. He and his fiance are going to acquire my share. We had the go ahead from Bank of Ireland to substitute my name with hers. The transfer of equity has to be done by a conveyancer for Bank of Ireland (supposedly). Is it possible for us to deal with the Land Registry change?
• Will I have to pay any charges for a Transfer of Equity where the current mortgage is with Bank of Ireland?
• My decree absolute has gone through as is the consent order. Now I have to sort out the transfer of equity at the HMLR and the Bank of Ireland mortgage. I have contacted Bank of Ireland for the transfer of equity forms. What are my next steps?

Sample of information requested in a conveyancer form concerning a Bank of Ireland Transfer of Equity

Caveats to be read in further to the above Bank of Ireland 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 Bank of Ireland conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

Should the tenure of your property be leasehold, provisions in the lease may require that you obtain the consent of the landlord. If such conditions are not complied with you may be in breach 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 conveyancing solicitor will check with Bank of Ireland 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 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.

Preparing the Transfer of Equity with a Bank of Ireland Mortgage

When it comes to preparing the the Land Registry documents your lawyer should in the ‘consideration’ panel choose the first option, if consideration is given; otherwise ignore the consideration panel altogether.

If Bank of Ireland 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 contained within 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.