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Are you in need of a Transfer of Equity with a Accord Buy to Let mortgage? Failing to check that a lawyer is on the Accord Buy to Let list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Questions and answers: Accord Buy to Let transfer of equity

  • What do I need to do when it comes adding or subtracting names (transfer of equity) to or from my Accord Buy to Let mortgage account?
  • Me and my partner jointly own a property in Blaenavon . Mortgage is with Accord Buy to Let. I would like to transfer full ownership to him with no passing of money but without using a conveyancer. Is this likely to be easy to so?
  • Is it possible to transfer the equity held in my property with my Accord Buy to Let home loan?
  • In 2013 I bought a flat without my fiance’s name on the deeds. My lawyer said it is due to the fact that she was not in the mortgage with Accord Buy to Let. I'm wondering is there any way that I can add her name on the documents at HM Land Registry?
  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with Accord Buy to Let?
  • As things stand I have a joint Accord Buy to Let mortgage with my brother and am looking into the possibility of him assuming responsibility for the outstanding mortgage and subtracting myself from it, so as to enable me to buy a property with my partner. The remaining mortgage is about 200k, and the property value is about 600k. Is this a transfer of equity? Is land tax involved?
  • I got my Decree Absolute in 2012. Foolishly I never got around to change the ownership from the current 'joint' status to my sole name. I am ready to do that and so is she. Transfer-of-equity is needed. Accord Buy to Let is happy to transfer the property and loan in my name (affordability checks done). Does my ex need a lawyer?

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

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

If you are adding a person on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

Can you give the name(s) and addresse(s) of anyone who jointly owns the property with you?

Please provide a copy of your National Insurance Number?

Where you 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?

Has 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.

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 properties

If your property is leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such conditions are not complied with you may be in breach of 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 is dependent on the market value of the property at the time of completion of the transfer of equity transaction.
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 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 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