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Accord Buy to Let transfer of equity example support desk enquires

  • What can I do where I am not happy with the conveyancer who carried out our transfer of equity transaction?
  • I am planning on removing a name from a joint mortgage and the Accord Buy to Let require me to use a conveyancer to carry out the legalities. Can you recommend a reasonably priced Winchelsea conveyancing solicitor to deal with the transfer of equity? They need to be on the Accord Buy to Let conveyancing panel.
  • I already have a home loan with Accord Buy to Let and am maintaining my current mortgaging but seeking to have have the equity transferred to my name only so my ex won't be on it any longer. How long does the whole transfer of equity process take?
  • My former wife are looking to get a conveyancer in place for a new mortgage with Accord Buy to Let. Transfer of Equity conveyancing is also requiredI have used the different rating based websites and the results are from all over the country. Do we need to instruct a conveyancer local to us?
  • When it comes to transfer of equity conveyancing involving a remortgage with Accord Buy to Let should I be charged VAT on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • What are the average solicitors costs are for a transfer of equity? I'm in the process of remortgaging - new loan with Accord Buy to Let - and have been quoted £350 excluding VAT by Accord Buy to Let's appointed conveyancing solicitor, Is this is a good price or not?
  • My decree absolute is through as is the consent order. Now I must deal with the transfer of equity on title deeds and the Accord Buy to Let mortgage. I have called Accord Buy to Let for the transfer of equity forms. What are my next steps?

Examples of information requested in a conveyancer form relating to Accord Buy to Let Transfer of Equity

Please provide the details of anyone to be extracted from the title deeds?

Can you provide the details of anyone who jointly owns the property with you?

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?

We need you to provide the National Insurance Number(s) of all the new owners (required for completion of the SDLT Form)

Will there be any consideration monies passing between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive the same

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

General Advice to read in in addition 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 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 restrictions are not strictly observed 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 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 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.

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.


Frequently asked questions relating to Accord Buy to Let transfer of equity