Sample questions relating to Accord Buy to Let transfer of equity

• I already have a home loan with Accord Buy to Let and am maintaining my existing mortgaging but seeking to have it in my name alone so my former wife won't be on it any longer. How long do Accord Buy to Let take to process the application?
• My current home loan is with Accord Buy to Let. Can I transfer equity to someone less than eighteen years old?
• Accord Buy to Let have just agreed I can take over the mortgage on my home. I had applied for a transfer of equity but is this a transfer of ownership of the house on top?
• Given that we have been four years apart I have made the decision to give up my interest in our property to my husband who is re-mortgaging with Accord Buy to Let. Could this transfer of equity be done within 28 days?
• What are the average conveyancing charges are for a transfer of equity? I'm in the process of remortgaging - new loan with Accord Buy to Let - and have been quoted £250 plus VAT by Accord Buy to Let's appointed lawyer, Have I been over quoted?
• My decree absolute has gone through as is the consent order. Now I have to address the transfer of equity on title deeds and the Accord Buy to Let home loan. I have contacted Accord Buy to Let for the transfer of equity forms. What do I do now?
• My Accord Buy to Let home loan is in joint names with ex, who is agreeable to come off the deeds and let me have the property. Accord Buy to Let have consented to the transfer of equity to me solely. Do Accord Buy to Let contact my company to check my salary?

Questions that your conveyancing solicitor is likely to ask about your Accord Buy to Let Transfer of Equity

Caveats to be read in further to the above Accord Buy to Let transfer of equity Questions and Answers :

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 properties

If your property is leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such terms are not adhered to 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 situations, 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 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 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 does not constitute 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.