Common questions relating to Accord Buy to Let transfer of equity
- I co-own a house in Dunnington
, with a Accord Buy to Let loan with my former partner. Him and his new partner are going to acquire my share. We had the go ahead from Accord Buy to Let to replace my name with hers. The transfer of equity needs to be done by a conveyancing solicitor for Accord Buy to Let (apparently). In order to save fees can I deal with the Land Registry change?
- My decree absolute has gone through as is the consent order. Now I have to deal with the transfer of equity at the HMLR and the Accord Buy to Let home loan. I have asked Accord Buy to Let for the transfer of equity forms. What do I do now?
- I plan to remortgage my maisonette in Heathfield
changing from Barclays to Accord Buy to Let. The apartment is jointly owned but intend for it to be in my name only once I transfer. My wife is OK with this and is happy to transfer equity but neither of us want to incur conveyancer fees.
- Is it possible to apply to borrow more money from Accord Buy to Let as part of a Transfer of Equity?
- I am completing a Accord Buy to Let transfer of equity application and have arrived at the part regarding debts etc. There are some debts that I have been clearing over a long period, I understand that they have long since disappeared from my credit records. Do I need to disclose these?
- My Accord Buy to Let mortgage is in joint names with ex, he is agreeable to be removed and let me have the property. Accord Buy to Let will permit the transfer of equity to me solely. Do Accord Buy to Let write my company to confirm my salary?
- In 2011 I purchased a property without my partner's name on the title. My conveyancing solicitor said it is due to the fact that she is not in the loan offer with Accord Buy to Let. I'm wondering is there any way that I can add her name on the deeds?
Questions that your lawyer is likely to ask in relation to your Accord Buy to Let Transfer of Equity
Where you are intent on holding 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 give the name(s) and addresse(s) of anyone to be added to the title deeds?
Who will be responsible for the costs of the Transfer of Equity?
We need you to supply the National Insurance Number(s) of all the new owners (required for submission of the SDLT Form)
Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?
Is it the case that one of the registered proprietors died? If so please supply us with a copy of the Death Certificate, Probate and a copy of the Will.
Caveats to be read in further to the above Accord Buy to Let transfer of equity Info :
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 premises
If your property is 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 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 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 conveyancing solicitor 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.
