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Accord Buy to Let

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

  • How and when do I pay stamp duty payable for the transfer of equity in my house in my name alone which is happening at the same time as a remortgage via Accord Buy to Let?
  • Will I have to pay any fees for a Transfer of Equity where the current home loan is with Accord Buy to Let?
  • What are the average legal fees are for a transfer of equity? I need to transfer equity and refinance - moving over to Accord Buy to Let - and have been quoted £250 excluding VAT by Accord Buy to Let's approved conveyancer, Is this is a good price or not?
  • What legal advice do I need when doing a transfer of equity where the home loan is to remain with Accord Buy to Let?
  • I recently purchased a apartment without my fiance’s name on the ownership paperwork. My conveyancing solicitor claimed it is due to the fact that she was not in the mortgage with Accord Buy to Let. Is it possible for me to add her name on the documents at HM Land Registry?
  • Accord Buy to Let have today agreed I can take over the home loan on the house. I had applied for a transfer of equity but is this a transfer of ownership at HMLR on top?
  • Online reading suggests that solicitors are more expensive than licensed conveyancers for transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor if I need to be transferring equity and simultaneously remortgaging with Accord Buy to Let

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

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been formalised?

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

Where you are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

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

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

Who will be responsible for the costs of the Transfer of Equity?

Information to consider in supporting the above Accord Buy to Let transfer of equity Advice :

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 premises

If your property is leasehold, provisions in the lease may have a requirement for notices to be served and that you have a license to do so from 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 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 varies based on the market value of the property at the conclusion of the transfer of equity transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with Accord Buy to Let.

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 lawyer 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