Sample questions relating to Accord Buy to Let transfer of equity

• I purchased a property with my cousin in 2010 Since then, we have both got married. We are now intending to do a transfer of equity so my name comes off the Accord Buy to Let mortgage. There is a significant difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
• My ex are looking to get a lawyer lined up for a refinance with Accord Buy to Let. Transfer of Equity conveyancing is also necessaryI have used the different rating based services and the results are from all over England and Wales. Do we need to instruct a lawyer local to us?
• My divorce is through as is the consent order. Now I must address the transfer of equity on title deeds and the Accord Buy to Let home loan. I have asked Accord Buy to Let for the transfer of equity forms. What are my next steps?
• Online reading suggests that solicitors are more expensive than licensed conveyancers when it comes to transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor if I need to be transferring equity and at the same time refinancing with Accord Buy to Let
• Will I incur any fees for a Transfer of Equity where the current mortgage is with Accord Buy to Let?
• What should I be budgeting for when it comes to what conveyancing fees are for a transfer of equity? I need to transfer equity and refinance - new loan with Accord Buy to Let - and have been quoted Four Hundred pounds plus VAT by Accord Buy to Let's appointed conveyancing solicitor, Is this a reasonable price?
• Me and a friend got a joint mortgage with Accord Buy to Let on a flat in 2013. I am now looking to get a flat by myself and my friend would like to buy me out. Once we have agreed a figure where do we go? Would there be any potential issue with Accord Buy to Let with him being responsible for the total mortgage as opposed to only half of it?

Questions that your conveyancing solicitor may ask in relation to your Accord Buy to Let Transfer of Equity

Important warnings to consider in supplemental the above Accord Buy to Let transfer of equity Advice :

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, the lease may require that you have a license to do so from the freeholder. If such conditions are not complied with you may be in violation 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 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 varies based on the market value of the property at the conclusion of the transfer of equity conveyancing.

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 conveyancing solicitor should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Content 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.