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Are you in need of a Transfer of Equity with a Accord Buy to Let mortgage? Failing to check that a lawyer is on the Accord Buy to Let list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Questions and answers: Accord Buy to Let transfer of equity

  • I am filling out a Accord Buy to Let transfer of equity form and have come to the section that asks about defaults etc. There are some debts that I have been paying off over a long period, I understand that they have long since disappeared from my credit rating. Do I need to reveal these?
  • My partner and myself have 50:50 shares in a investment property. I am a higher rate tax payer. Ideally I wish to do a transfer of equity to her sole name in order reduce our tax on the letting income. If Accord Buy to Let are content with this the legal fees are not high. However what happens when we sell? Would my GGT relief be lost.
  • Will I incur any fees for a Transfer of Equity where the current home loan is with Accord Buy to Let?
  • I own a flat in Heathfield , with a Accord Buy to Let mortgage with my ex husband. He and his fiance are going to acquire my share. We had consent from Accord Buy to Let to substitute my name with hers. The transfer of equity needs to be completed by a lawyer for Accord Buy to Let (apparently). Can we do the Land Registry change?
  • What can I do where I am not happy with the lawyer who undertook our transfer of equity transaction?
  • Is it sensible to cancel my mortgage payments with Accord Buy to Let once a date for my remortgage and transfer of equity has been agreed?
  • What is the process for adding or subtracting names (transfer of equity) to or from my Accord Buy to Let mortgage account?

Examples of questions in a conveyancing solicitor form concerning a Accord Buy to Let Transfer of Equity

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

Please give the name(s) and addresse(s) of anyone to be removed from the title deeds?

Please let us know of you wish us to prepare Declaration of Trust. If so are you willing to incur the further fee (beyond the Transfer of Equity fee)?

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

Please inform us where you are making any payment for the Transfer of Equity and to whom and disclose any such sums?

Is the transfer of equity subject to a court order? If yes please supply a copy

Important warnings to consider in in addition to the above Accord Buy to Let transfer of equity information :

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

If your property is leasehold, the lease may require that you have a license to do so from the landlord. 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 is dependent on the market value of the property at finalisation 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.

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