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Accord Buy to Let

Examples of recent questions relating to Accord Buy to Let transfer of equity

  • I intend to remortgage my maisonette in Winchelsea changing from RBS to Accord Buy to Let. The apartment is currently in joint names but I would like it to be in my name only once I switch. My husband is OK with this and is happy to transfer equity but neither of us want to incur lawyer charges.
  • When it comes to transfer of equity conveyancing involving refinance with Accord Buy to Let should I be paying value added tax on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • Have recently separated from my wife of thirty years. I'm now living with my parents again and she wants to stay in the property and pay me off. What percentage am I entitled to. Is it 50% of the equity after discharging the mortgage with Accord Buy to Let? I assume proper valuations are necessary but I would like ensure that I'm getting the best deal
  • How do I go about adding or subtracting names (transfer of equity) to or from my Accord Buy to Let mortgage account?
  • I already have a mortgage with Accord Buy to Let and am maintaining my existing mortgaging but seeking to have have the equity transferred to my name alone so my ex will be removed from the deeds. How long does the whole transfer of equity process take?
  • My fiance and myself have 50:50 shares in a investment property. I am a higher rate tax payer. Ideally I wish to do a transfer of equity to her sole name with a view to mitigate tax on the letting income. If Accord Buy to Let are content with this the legal fees are not high. What are the implications when we dispose of the property? As I would no longer be on the title documents would I lose my CGT relief.
  • My decree absolute has gone through as is the consent order. Now I must sort out the transfer of equity at the HMLR and the Accord Buy to Let mortgage. I have called Accord Buy to Let for the transfer of equity forms. What do I do now?

Information that may be required from your conveyancer is likely to ask about your Accord Buy to Let Transfer of Equity

Where you are adding someone on to the title deeds how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

Please provide the name(s) and addresse(s) of anyone to be extracted from the title deeds?

If are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been completed?

Is it the case that one of the registered proprietors died? If so please forward us with a copy of the Death Certificate, Probate and a copy of the Will.

Is the transfer of equity subject to a court order? If yes please supply a copy

General Advice to read in in addition to the above Accord Buy to Let 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 Accord Buy to Let conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

Should the tenure of your property be leasehold, provisions in the lease may require that you have a license to do so from the landlord. If such conditions are not complied with you may be in breach 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 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 lawyer 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 is dependent on the market value of the property at the time of completion of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with Accord Buy to Let your property may be repossessed.

Preparing the Transfer of Equity with a Accord Buy to Let 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 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 lawyer 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 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 Accord Buy to Let transfer of equity