Top seven questions relating to Accord Buy to Let transfer of equity

• My decree absolute is through as is the consent order. Now I have to deal with the transfer of equity at the land registry and the Accord Buy to Let home loan. I have called Accord Buy to Let for the transfer of equity application. What do I do now?
• Me and a friend got a joint mortgage with Accord Buy to Let on a property about a year ago. I am now looking to get a apartment by myself and my friend would like to buy me out. Once we have agreed a figure what are the next steps? Would there be any potential concerns with Accord Buy to Let with him being on the hook for the total loan rather than only half of it?
• I am disposing of my share of a flat in Birmingham to my co-owners husband, they are sticking with Accord Buy to Let being the the existing lender. We are in heated discussion as to who should pay the costs of the transfer of equity. Should this be shared or is one party liable for the legal bill?
• Can I transfer the equity held in my property with my Accord Buy to Let home loan?
• At what stage do I pay stamp duty due for the transfer of equity in my property in my name alone which is taking place simultaneously with a switching mortgage with Accord Buy to Let?
• I bought a house with my brother in 2010 Since then, we have both got married. We are now seeking to do a transfer of equity so my name is removed the Accord Buy to Let mortgage. There is a 30k difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
• I am hoping to refinance my flat in Wakefield changing from Yorkshire Bank Home Loans to Accord Buy to Let. The maisonette is jointly owned but I would like it to be in my sole name when I remortgage. My former partner has agreed to this and is happy to transfer equity but neither of us want to incur conveyancing solicitor charges.

Examples of questions in a conveyancing solicitor form relating to Accord Buy to Let Transfer of Equity

Information to consider in in addition to the above Accord Buy to Let transfer of equity information :

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 Accord Buy to Let conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

If your property is leasehold, provisions in the lease may require that you obtain the consent of the landlord. If such terms are not adhered to you may be in violation of your covenants under the lease. This could trigger 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 conveyancing solicitor will check with Accord Buy to Let 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 Accord Buy to Let 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 the conclusion of the transfer of equity conveyancing.

Preparing the Transfer of Equity with a Accord Buy to Let 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 Accord Buy to Let 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 conveyancer 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.