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Accord Buy to Let

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

  • What is the process for adding or subtracting names (transfer of equity) to or from my Accord Buy to Let mortgage account?
  • I am trying to find a conveyancer to handle my transfer of equity. Accord Buy to Let have been approached for a refinancing. I thought of asking my financial adviser. I am lead to believe he may get a kickback for recommending someone, but also of benefit will be that he knows the conveyancer, has a working relationship with them. Is my logic misguided?
  • Is there such a thing a transfer of equity stamp duty calculator?
  • Can I apply to request a further advance from Accord Buy to Let as part of a Transfer of Equity?
  • As things stand I have a joint Accord Buy to Let mortgage with my step-brother and am looking into the option of him taking on the outstanding mortgage and extracting myself from it, to enable me to purchase a property with my fiance. The remaining mortgage is about 250k, and the property value is approx 500k. Is this a transfer of equity? Is stamp duty due?
  • I jointly own a apartment in Dunnington , with a Accord Buy to Let loan with my ex husband. He 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). Can we do the Land Registry change?
  • I am refinancing my home in Wakefield does my lawyer have to be on the Accord Buy to Let Solicitor panel. The conveyancing also involves a transfer of equity.

Sample of questions in a conveyancer form concerning a Accord Buy to Let Transfer of Equity

Please let us know where you are making any payment for the Transfer of Equity and to whom and specify the amount?

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

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

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?

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

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

Caveats to be read in supporting 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 properties

Should the tenure of your property be leasehold, provisions in 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 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 varies based 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 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 conveyancer 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 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.


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