Accord Buy to Let transfer of equity example support desk enquires
- My former husband are seeking to get a lawyer in place for a remortgage with Accord Buy to Let. Transfer of Equity conveyancing is also neededI have used the different rating based tools and the results are from all over England and Wales. Do we need to appoint a conveyancing solicitor local to us?
- I am transferring my equity in house in Birmingham to the other co-owners husband, they are sticking with Accord Buy to Let being the the existing lender. We are debating as to who must cover the fees for the transfer of equity. Should this be split or is one party liable for the costs of?
- My ex-fiance and I are are looking to find an affordable conveyancing solicitor to help me sell in a transfer of equity and remortgage with Accord Buy to Let. I I am fearful of by bill escalating out of control but with plenty conveyancing firms who do transfer of equity conveyancing out there...who's the best?
- I am hoping to remortgage my maisonette in Wakefield
switching from Barnsley BS to Accord Buy to Let. The apartment is jointly owned but I would like it to be in my sole name as and when I remortgage. My wife has agreed to this and is happy to transfer equity but neither of us want to incur conveyancer charges.
- My father passed away seven months ago leaving a unencumbered bungalow to me and my brother equally. He has always lived in the premises, there was a condition in her will specifying that the housecould not be sold for 2 years after her passing so he could reside there for a while. He now says he would like to remain in the house beyond the prescribed period. We have discussed a transfer of equity. Would I be right in thinking that we'd get a valuation then he'd get a home loan in the conventional way to buy my share?
- I currently have a joint Accord Buy to Let mortgage with my step-brother and am looking into the feasibility of him taking on the whole mortgage and extracting myself from it, so as to enable me to buy somewhere with my partner. The remaining mortgage is in the region 175k, and the property value is about 500k. Is this a transfer of equity? Is land tax payable?
- How do I go about adding or removing names (transfer of equity) to or from my Accord Buy to Let mortgage account?
Sample of information requested in a conveyancing solicitor questionnaire concerning a Accord Buy to Let Transfer of Equity
If 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?
Where you are adding someone on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.
Who will be responsible for the costs of the Transfer of Equity?
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 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 list all persons who occupy the property, their respective ages and relationships to you.
Caveats to be read 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
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 strictly observed you may be in violation of the lease. This could trigger the freeholder taking enforcement action against you.
If the transfer of equity is made as a result of 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 valuation of the property at the conclusion of the transfer of equity conveyancing.
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 conveyancing solicitor 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 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.