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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.

Common questions relating to Accord Buy to Let transfer of equity

  • Is it possible to apply to borrow more money from Accord Buy to Let as part of a Transfer of Equity?
  • I own a apartment in Littleborough , with a Accord Buy to Let loan with my ex partner. He and his new partner are going to acquire my share. We had consent from Accord Buy to Let to remove my name with hers. The transfer of equity has to be done by a conveyancer for Accord Buy to Let (apparently). In order to save fees can I deal with the Land Registry change?
  • What is the process for adding or removing names (transfer of equity) to or from my Accord Buy to Let mortgage account?
  • After 2 a couple of years separated I have decided to transfer my share of our house to my husband who is refinancing with Accord Buy to Let. Can a transfer of equity be done in 28 days?
  • I already have a home loan with Accord Buy to Let and am retaining my existing mortgaging but wish to have have the equity transferred to my name alone so my ex won't be on it any longer. How long do Accord Buy to Let take to deal with the application?
  • My financial adviser has recommended their conveyancer for my Transfer of Equity plus remortgage with Accord Buy to Let - won’t it be easier to just instruct them?
  • I got my Decree Absolute three years ago. For some reason I never dealt with the change the ownership from the current 'joint' status to my name alone. I am ready to do that and so is she. Transfer-of-equity is presumably the way forward. Accord Buy to Let is happy to transfer the full equity in my name (financial checks done). Does my ex need a conveyancer?

Sample of information requested in a conveyancing solicitor questionnaire relating to Accord Buy to Let Transfer of Equity

Please confirm if you are providing any payment for the Transfer of Equity and to whom and specify any such sums?

Please list all persons who occupy the property, their respective ages and relationships to you.

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

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

Please provide the name(s) and addresse(s) of anyone to be added to the property title?

Has one of the registered owners died? If so please provide us with a copy of the Death Certificate, Probate and a copy of the Will.

Information to consider in further 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 premises

Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. 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 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 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 conclusion 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 conveyancing solicitor 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 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