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Accord Buy to Let

Accord Buy to Let transfer of equity example support desk enquires

  • I am searching for a quality conveyancing solicitor to assist in a transfer of equity and refinance with Accord Buy to Let. I I am fearful of by bill escalating out of control but with so many conveyancing firms who do transfer of equity conveyancing out there...how do I know which is best appoint?
  • I already have a mortgage with Accord Buy to Let and am maintaining my existing mortgaging but wish to have have the equity transferred to my sole name so my former partner won't be on it any longer. How long can it take for the forms to be processed?
  • What legal advice do I need when doing a transfer of equity where the home loan is to remain with Accord Buy to Let?
  • The mortgage broker has recommended their conveyancer for our Transfer of Equity plus remortgage with Accord Buy to Let - Surely it’s easier to just use them?
  • My decree absolute has gone through as is the consent order. Now I need to deal with the transfer of equity for the property and the Accord Buy to Let home loan. I have called Accord Buy to Let for the transfer of equity application. What happens next?
  • My current home loan is with Accord Buy to Let. Can I transfer equity to someone under 18 years old?
  • Me and a friend got a joint mortgage with Accord Buy to Let on a property about a year ago. I am now thinking of buying a house on my own and my friend would like to buy me out. Once we have agreed a figure where do we go? Would there be any potential concerns with Accord Buy to Let with him being on the hook for the total loan rather than only part of it?

Information that may be required from your conveyancing solicitor may ask regarding your Accord Buy to Let Transfer of Equity

Please confirm if you are making any payment for the Transfer of Equity and to whom and notify us any such sums?

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

We need you to provide the National Insurance Number(s) of all the new owners (required for completion of the Stamp Duty Land Tax Form)

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

Who will be responsible for the costs of the Transfer of Equity?

Have you approached Accord Buy to Let to seek consent to the Transfer of Equity

Caveats to be read in conjunction with the above Accord Buy to Let transfer of equity information :

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 properties

If your property is leasehold, the lease may require that you have a license to do so from the freeholder. If such conditions are not strictly observed 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 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 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 valuation of the property at the time of completion of the transfer of equity transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with Accord Buy to Let.

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 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.


Frequently asked questions relating to Accord Buy to Let transfer of equity